TD Cowen (formerly Cowen Inc.), an investment bank, announced the closure of its digital asset unit on May 31, Bloomberg reported.

Cowen’s services include investment banking, research, sales, and trading. Its digital asset unit, launched in 2022, was an ambitious move to include 16 digital assets — including Bitcoin, Ethereum, and Solana — among the assets offered to its clients.

The closure follows the acquisition of Cowen Inc. by TD Bank Group, one of North America’s largest banks, in March 2023.

In an email seen by Bloomberg, the Cowen Digital team stated:

“Our entire team believes strongly in the need for trusted counterparties who understand the needs of institutional investors – through white-glove high and low touch execution, deep knowledge-driven content, corporate access and group educational events. We will continue to try and fulfill that endeavor, but will have to do so in a different home.”

Cowen’s digital assets unit reportedly had at least 10 employees and an intern, according to the email.