Difference between revisions of "Cumberland DRW LLC"
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Revision as of 15:53, 28 May 2019
| Cumberland DRW LLC | |
| |
| Founded | 2014 |
|---|---|
| Headquarters | Chicago, Illinois |
| Key People | Donald R. Wilson, Founder & CEO; Bobby Cho, former COO |
| @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 US 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, crypto 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-crypto and crypto-crypto 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
- ↑ Cumberland’s business development head James Radecki set to depart firm. Theblockcrypto.
- ↑ Bitcoin’s Trading Star Is Chicago High-Speed Firm That Nods to the Grateful Dead. Wall Street Journal.
- ↑ Big Investor Involvement Could Boost Bitcoin. Wall Street Journal.
- ↑ CUMBERLAND MINING HAS ‘WON BIG BITCOIN AUCTIONS’. Bitcoinist.
- ↑ Bitcoin’s Trading Star Is Chicago High-Speed Firm That Nods to the Grateful Dead. Wall Street Journal.
- ↑ ItBit Hit With String of Departures in Bitcoin-to-Blockchain Transition. Coindesk.
- ↑ James Radecki Profile. LinkedIn.
- ↑ Richard Gorelick Profile. LinkedIn.
- ↑ Crypto Never Sleeps. Now DRW's Big Trading Desk Doesn't Either. Bloomberg.
- ↑ Crypto Trader Cumberland Upgrades from Skype to Wall Street Interface. Coindesk.
- ↑ Cumberland’s business development head James Radecki set to depart firm. Theblockcrypto.
- ↑ Bobby Cho, head of DRW’s crypto business, is set to depart the firm. The Block.
