StoneX said to beef up crypto-trading team by adding former TD Cowen staff (NASDAQ:SNEX)
02/14/2024 03:00
StoneX Group hires five former staffers from TD Cowen Digital, signaling renewed interest among Wall Street banks in the crypto market.
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StoneX Group (NASDAQ:SNEX) expanded its cryptocurrency-trading team by hiring five staffers from Toronto-Dominion Bank's (TD) Cowen Digital, the digital-asset unit of TD Cowen that shut down last year, according to a Tuesday media report.
The move signals renewed interest among Wall Street banks to engage in the $1.8T crypto market. BlackRock (BLK), Invesco (IVZ), Wisdomtree (WT) and Fidelity were among the financial giants that gained regulatory approval last month for their spot bitcoin exchange-traded funds.
Eric Rose, former managing director at Cowen Digital, joined the New York-based broker-dealer in October as chief of digital-asset execution, Bloomberg reported. Keith Coyne, David Korger, Kyrill Firshein and Nolan Aibel are the four other former Cowen Digital employees who are now working at StoneX Digital.
The unit currently offers bitcoin (BTC-USD) trading using Etana Custody as a custodian, the article said, and plans to provide spot crypto trading and crypto-lending services in the future.