Investment bank TD Cowen shuts crypto unit a year after opening

Days after Digital Currency Group’s TradeBlock started winding down operations, investment bank TD Cowen has shut its own crypto unit, roughly year after opening it. According to a report from The Block published Wednesday, the unit was closed as part of cost-saving measures taken by the company, which has already cut hundreds of jobs globally due to the economic downturn caused by the coronavirus pandemic.

The unit, called TD Ameritrade Digital Assets, was announced in June 2019 and was planned to provide advisory services on cryptocurrencies to TD Ameritrade clients. However, the company did not launch any services and decided to shut it down a year later.

The news of the unit’s closing is the latest shift in the crypto investment landscape, as major corporations are re-evaluating their strategies in the industry. TD Cowen’s decision to close its unit follows in the footsteps of other firms, such as Digital Currency Group, which recently announced its TradeBlock unit would be winding down operations.

Robert Wilson
Robert Wilson author

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