Cowen Digital Takes The Lead From London Despite The Crypto Winter And Widespread Layoffs

As the company continues with its ambitious goals for digital assets and takes advantage of the crypto winter to snag talent, Cowen Digital hired a new lead for its European and Asian divisions.

Taylor Cable, formerly of Moore Capital Management and head of institutional client trading at Blockchain.com Asset Management, has joined as managing director of Cowen Digital Europe. Cable, a London-based executive, will oversee Cowen Digital’s operations in Europe and Asia.

The digital division of Cowen Inc. was established in March with the goal of enabling institutional clients to secure, access, and utilize cryptocurrencies in their portfolios. It has plans to grow to more than 100 employees. Despite the effects of the recent collapse of FTX on the entire industry, the unit has hired about 10 crypto natives and intends to move forward.

“Our game plan is the same: Provide institutional access to markets,” Drew Forman, head of Cowen Digital, said in an interview. “We’re still having conversations daily with entire teams at these massive asset managers about being ready to trade when they want to allocate. Those mandates are ones firms like us will win going forward.”

The firm has a “renewed” focus on risk management amid the fallout from the industry bankruptcies and layoffs, which Forman says have been a boon for Cowen Digital.

“We’re continuing to add where we can find talent and expand our products,” Forman said. “We never over-hired and the team is right-sized and we want to continue to be adding exceptional people like Taylor, the likes of which potentially wouldn’t have been in our reach if bitcoin continued rallying through $60,000.”

Recent layoffs have been made at crypto exchange Bitso, Argentina’s Lemon and Australia’s Swyftx.

And while the crypto industry find itself in a rough patch, Forman is confident good will come of it. 

“Competitively, we will reemerge from this with better business practices, hopefully with a clearer regulatory landscape and fewer bad actors and what will come out of it is an infrastructure that the huge trillion-dollar asset managers can invest in,” Forman said.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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