The first Wall Street investment bank to take the plunge! Cowen launches spot crypto trading ahead of the competition

Drew Forman, who is in charge of Cowen's derivatives business, will head Cowen's digital assets division. The division, which started with about 40 employees, plans to expand to more than 100 employees in the near term.

The unit, which trades out of its Connecticut office, can serve clients in at least 35 states, but not New York. The company is currently applying for a New York State Bitcoin License (BitLicense) and is seeking to obtain licenses for Canada, the United Kingdom and Asia.