Difference between revisions of "Cumberland DRW LLC"

From CryptoMarketsWiki
Jump to: navigation, search
(Background)
 
(13 intermediate revisions by 4 users not shown)
Line 1: Line 1:
{{Wedbush_adbox}}
+
{{Cboe_adbox2}}
 
{{Infobox_Company  <!-- Feel free to remove comments like this when you add real info -->
 
{{Infobox_Company  <!-- Feel free to remove comments like this when you add real info -->
 
| company_name = Cumberland DRW LLC
 
| company_name = Cumberland DRW LLC
| company_logo =  [[Image:Cumberland-large.png{{!}}200px]]
+
| company_logo =  [[Image:Cumberland_logo.png{{!}}200px]]
| key_people =    Bobby Cho, Donald R. Wilson
+
| key_people =    Donald R. Wilson, Founder & CEO; [[Bobby Cho]], former COO
 
| foundation =    2014
 
| foundation =    2014
 
| location =      Chicago, Illinois
 
| location =      Chicago, Illinois
Line 12: Line 12:
 
| stocktwits =    <!-- StockTwits ID for the company, e.g. JohnLothian, or leave blank -->
 
| stocktwits =    <!-- StockTwits ID for the company, e.g. JohnLothian, or leave blank -->
 
| facebook =      <!-- Facebook Page -->
 
| facebook =      <!-- Facebook Page -->
| homepage =      Cumberland.io
+
| homepage =      [https://cumberland.io Cumberland DRW Home]
 
| press =          <!-- A link to where press releases can be found, or leave blank to omit -->
 
| press =          <!-- A link to where press releases can be found, or leave blank to omit -->
 
| blog  =           
 
| blog  =           
 
}}
 
}}
  
Cumberland DRW LLC, formerly Cumberland Mining & Materials, is a [[cryptocurrency]] trading division of DRW, a privately held trading firm. It is one of the best-known market making firms in the bitcoin trading world. <ref>{{cite web|url=https://www.theblockcrypto.com/2019/03/20/cumberlands-business-development-head-james-radecki-set-to-depart-firm/|name=Cumberland’s business development head James Radecki set to depart firm|org=Theblockcrypto|date=March 21, 2019}}</ref>
+
Cumberland DRW LLC, formerly Cumberland Mining & Materials, is a [[cryptocurrency]] trading division of [[DRW Holdings]], a privately held trading firm. It is one of the best-known market-making firms in the bitcoin trading world.<ref>{{cite web|url=https://www.theblockcrypto.com/2019/03/20/cumberlands-business-development-head-james-radecki-set-to-depart-firm/|name=Cumberland’s business development head James Radecki set to depart firm|org=Theblockcrypto|date=March 21, 2019}}</ref>
  
 
== Background ==
 
== Background ==
  
In 2014 DRW set up Cumberland, whose name refers to the Grateful Dead's "Cumberland Blues," about a miner. Cumberland originally focused on cryptocurrency mining. It has mined [[ZCash]], which is reputed to have better privacy features than [[bitcoin]].<ref>{{cite web|url=https://www.wsj.com/articles/bitcoins-trading-star-is-chicago-high-speed-firm-that-nods-to-the-grateful-dead-1511787600|name=Bitcoin’s Trading Star Is Chicago High-Speed Firm That Nods to the Grateful Dead|org=Wall Street Journal|Date=August 8, 2018}}</ref>  DRW as Cumberland experimented with trading cryptocurrencies in 2015.<ref>{{cite web|url=https://www.wsj.com/articles/big-investor-involvement-could-boost-bitcoin-1428259814|name=Big Investor Involvement Could Boost Bitcoin|org=Wall Street Journal|date=August 8, 2018}}</ref>  
+
In 2014 DRW set up Cumberland, whose name refers to the Grateful Dead's "Cumberland Blues," about a miner. Cumberland originally focused on cryptocurrency [[mining]]. It has mined [[ZCash]], which is reputed to have better privacy features than [[bitcoin]].<ref>{{cite web|url=https://www.wsj.com/articles/bitcoins-trading-star-is-chicago-high-speed-firm-that-nods-to-the-grateful-dead-1511787600|name=Bitcoin’s Trading Star Is Chicago High-Speed Firm That Nods to the Grateful Dead|org=Wall Street Journal|Date=August 8, 2018}}</ref>  DRW as Cumberland experimented with trading cryptocurrencies in 2015.<ref>{{cite web|url=https://www.wsj.com/articles/big-investor-involvement-could-boost-bitcoin-1428259814|name=Big Investor Involvement Could Boost Bitcoin|org=Wall Street Journal|date=August 8, 2018}}</ref>  
  
Cumberland reportedly bid successfully on 27,000 bitcoin of one of the final lots of bitcoin seized from Silk Road and auctioned off by the US Marshals Service in 2015.<ref>{{cite web|url=https://bitcoinist.com/cumberland-mining-bitcoin-auctions/|name=CUMBERLAND MINING HAS ‘WON BIG BITCOIN AUCTIONS’|org=Bitcoinist|date=August 9, 2018}}</ref> In total, Cumberland is thought to have acquired 70,000 bitcoins in such auctions around the world.<ref>{{cite web|url=https://www.wsj.com/articles/bitcoins-trading-star-is-chicago-high-speed-firm-that-nods-to-the-grateful-dead-1511787600|name=Bitcoin’s Trading Star Is Chicago High-Speed Firm That Nods to the Grateful Dead|org=Wall Street Journal|Date=August 8, 2018}}</ref>
+
Cumberland reportedly bid successfully on 27,000 bitcoin of one of the final lots of bitcoin seized from Silk Road and auctioned off by the U.S. Marshals Service in 2015.<ref>{{cite web|url=https://bitcoinist.com/cumberland-mining-bitcoin-auctions/|name=CUMBERLAND MINING HAS ‘WON BIG BITCOIN AUCTIONS’|org=Bitcoinist|date=August 9, 2018}}</ref> In total, Cumberland is thought to have acquired 70,000 bitcoins in such auctions around the world.<ref>{{cite web|url=https://www.wsj.com/articles/bitcoins-trading-star-is-chicago-high-speed-firm-that-nods-to-the-grateful-dead-1511787600|name=Bitcoin’s Trading Star Is Chicago High-Speed Firm That Nods to the Grateful Dead|org=Wall Street Journal|Date=August 8, 2018}}</ref>
  
Bobby Cho joined Cumberland as its global head of trading, crypto in 2016 from [[itBit]], a New York exchange and technology firm.<ref>{{cite web|url=https://www.coindesk.com/itbit-exodus-populating-startups-blockchain-expertise/|name=ItBit Hit With String of Departures in Bitcoin-to-Blockchain Transition|org=Coindesk|date=May 29,2018}}</ref> Jim Radecki joined Cumberland as global head of business development in October of 2017 after a year of consulting after leaving Goldman Sachs.<ref>{{cite web|url=https://www.linkedin.com/in/jamesradecki/|name=James Radecki Profile|org=LinkedIn|date=March 21, 2019}}</ref> After RGM Advisers was acquired by DRW in 2017, Richard Gorelick, RGM's CEO, joined Cumberland as head of market Structure.<ref>{{cite web|url=https://www.linkedin.com/in/richard-gorelick-50180/|name=Richard Gorelick Profile|org=LinkedIn|date=March 21, 2019}}</ref>   
+
[[Bobby Cho]] joined Cumberland as its global head of trading cryptocurrency in 2016 from [[itBit]], a New York exchange and technology firm.<ref>{{cite web|url=https://www.coindesk.com/itbit-exodus-populating-startups-blockchain-expertise/|name=ItBit Hit With String of Departures in Bitcoin-to-Blockchain Transition|org=Coindesk|date=May 29,2018}}</ref> Jim Radecki joined Cumberland as global head of business development in October of 2017 after a year of consulting after leaving Goldman Sachs.<ref>{{cite web|url=https://www.linkedin.com/in/jamesradecki/|name=James Radecki Profile|org=LinkedIn|date=March 21, 2019}}</ref> After RGM Advisers was acquired by DRW in 2017, Richard Gorelick, RGM's CEO, joined Cumberland as head of market Structure.<ref>{{cite web|url=https://www.linkedin.com/in/richard-gorelick-50180/|name=Richard Gorelick Profile|org=LinkedIn|date=March 21, 2019}}</ref>   
  
Beginning in May 2018, Cumberland was the first dealer to offer its customers 24/7 trading. It currently trades bitcoin against U.S. dollars as well as 500 other fiat-crypto and crypto-crypto pairs.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-05-15/crypto-never-sleeps-now-drw-s-big-trading-desk-doesn-t-either|name=Crypto Never Sleeps. Now DRW's Big Trading Desk Doesn't Either|org=Bloomberg|date=August 9, 2018}}</ref>
+
Beginning in May 2018, Cumberland was the first dealer to offer its customers 24/7 trading. It currently trades bitcoin against U.S. dollars as well as 500 other fiat currency-cryptocurrency and cryptocurrency-cryptocurrency pairs.<ref>{{cite web|url=https://www.bloomberg.com/news/articles/2018-05-15/crypto-never-sleeps-now-drw-s-big-trading-desk-doesn-t-either|name=Crypto Never Sleeps. Now DRW's Big Trading Desk Doesn't Either|org=Bloomberg|date=August 9, 2018}}</ref>
  
 
In February of 2019, Cumberland unveiled a single-dealer platform called Marea that allows institutional investors to interact with Cumberland through a screen-based interface, rather than negotiating trades by phone or Skype.<ref>{{cite web|url=https://www.coindesk.com/crypto-trader-cumberland-upgrades-from-skype-to-wall-street-interface|name=Crypto Trader Cumberland Upgrades from Skype to Wall Street Interface|org=Coindesk|date=March 21, 2019}}</ref>  
 
In February of 2019, Cumberland unveiled a single-dealer platform called Marea that allows institutional investors to interact with Cumberland through a screen-based interface, rather than negotiating trades by phone or Skype.<ref>{{cite web|url=https://www.coindesk.com/crypto-trader-cumberland-upgrades-from-skype-to-wall-street-interface|name=Crypto Trader Cumberland Upgrades from Skype to Wall Street Interface|org=Coindesk|date=March 21, 2019}}</ref>  
  
Jim Radecki was reported to be leaving Cumberland in March 2019, after about 18 months with the company.<ref>{{cite web|url=https://www.theblockcrypto.com/2019/03/20/cumberlands-business-development-head-james-radecki-set-to-depart-firm/|name=Cumberland’s business development head James Radecki set to depart firm|org=Theblockcrypto|date=March 21, 2019}}</ref>
+
In March 2019, the firm said in a statement that Jim Radecki would be leaving Cumberland after about 18 months with the company.<ref>{{cite web|url=https://www.theblockcrypto.com/2019/03/20/cumberlands-business-development-head-james-radecki-set-to-depart-firm/|name=Cumberland’s business development head James Radecki set to depart firm|org=Theblockcrypto|date=March 21, 2019}}</ref> Two months later, Bobby Cho announced that he was also stepping away from the company. He called the departure "bittersweet," and said that although he was not leaving DRW to join another firm, "there's never a right time to step away from something you've guided for the past 3+ years."<ref>{{cite web|url=https://news.yahoo.com/bobby-cho-exiting-drw-cumberland-131617332.html|name=Bobby Cho, head of DRW’s crypto business, is set to depart the firm|org=The Block|date=May 1, 2019}}</ref>
 +
 
 +
== Key People ==
 +
 
 +
*Donald R. Wilson - Founder & CEO
 +
*Bobby Cho - former COO
  
 
== References ==
 
== References ==
 
<references />
 
<references />
{{Wedbush_adbox}}
+
{{Cboe_adbox2}}
 
[[Category: fintech]]
 
[[Category: fintech]]
 
[[Category: digital assets]]
 
[[Category: digital assets]]

Latest revision as of 06:57, 17 September 2019


Cumberland DRW LLC
Cumberland logo.png
Founded 2014
Headquarters Chicago, Illinois
Key People Donald R. Wilson, Founder & CEO; Bobby Cho, former COO
Twitter @CumberlandSays
Website Cumberland DRW Home

Cumberland DRW LLC, formerly Cumberland Mining & Materials, is a cryptocurrency trading division of DRW Holdings, a privately held trading firm. It is one of the best-known market-making firms in the bitcoin trading world.[1]

Background

In 2014 DRW set up Cumberland, whose name refers to the Grateful Dead's "Cumberland Blues," about a miner. Cumberland originally focused on cryptocurrency mining. It has mined ZCash, which is reputed to have better privacy features than bitcoin.[2] DRW as Cumberland experimented with trading cryptocurrencies in 2015.[3]

Cumberland reportedly bid successfully on 27,000 bitcoin of one of the final lots of bitcoin seized from Silk Road and auctioned off by the U.S. Marshals Service in 2015.[4] In total, Cumberland is thought to have acquired 70,000 bitcoins in such auctions around the world.[5]

Bobby Cho joined Cumberland as its global head of trading cryptocurrency in 2016 from itBit, a New York exchange and technology firm.[6] Jim Radecki joined Cumberland as global head of business development in October of 2017 after a year of consulting after leaving Goldman Sachs.[7] After RGM Advisers was acquired by DRW in 2017, Richard Gorelick, RGM's CEO, joined Cumberland as head of market Structure.[8]

Beginning in May 2018, Cumberland was the first dealer to offer its customers 24/7 trading. It currently trades bitcoin against U.S. dollars as well as 500 other fiat currency-cryptocurrency and cryptocurrency-cryptocurrency pairs.[9]

In February of 2019, Cumberland unveiled a single-dealer platform called Marea that allows institutional investors to interact with Cumberland through a screen-based interface, rather than negotiating trades by phone or Skype.[10]

In March 2019, the firm said in a statement that Jim Radecki would be leaving Cumberland after about 18 months with the company.[11] Two months later, Bobby Cho announced that he was also stepping away from the company. He called the departure "bittersweet," and said that although he was not leaving DRW to join another firm, "there's never a right time to step away from something you've guided for the past 3+ years."[12]

Key People

  • Donald R. Wilson - Founder & CEO
  • Bobby Cho - former COO

References