Cowen, a major American independent investment bank, has officially launched a dedicated cryptocurrency and digital asset division.

Called Cowen Digital, Cowen’s new business is designed to offer full-service trade execution and custody for cryptocurrencies like Bitcoin (BTC) and other digital assets for institutional investors, the firm announced on Wednesday.

In order to launch the new crypto division, Cowen has collaborated with PolySign’s cold storage-focused subsidiary, Standard Custody and Trust Company. The bank is also a client of Digital Prime Technologies, a brokerage solution-focused firm providing business and compliance services, the announcement notes.

Cowen initially announced plans to move into the crypto custody business in May 2021, entering a partnership with Standard Custody and Trust Company at the time. The company also invested $25 million in Standard’s parent company PolySign, which was co-founded by Ripple chief technology officer David Schwartz.

According to the announcement, Cowen has been working on building the infrastructure and systems necessary to launch Cowen Digital over the past 15 months.

Managing about $16 billion in assets as of late 2021, Cowen is a major investment bank in the United States. The company is committed to outperforming its clients by “staying at the forefront of innovation,” Cowen CEO Jeffrey M. Solomon said, adding:

“Through Cowen Digital, our clients now have access to the crypto and digital asset markets with our institutional quality and fully integrated end-to-end execution and custody capabilities.”

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Future functionalities for Cowen Digital will also include derivatives and futures, financing solutions as well as institutional tools for managing decentrlized finance and nonfungible tokens, the announcement notes.

The news comes shortly after the American investment bank Goldman Sachs executed its first-ever over-the-counter crypto options trade in partnership with digital asset investment firm Galaxy Digital. Previously, JPMorgan Chase launched a virtual lounge in the Decentraland metaverse in February.