Cumberland DRW LLC

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Cumberland Mining & Materials
Cumberland-large.png
Founded 2014
Headquarters Chicago, Illinois
Key People Bobby Cho, Donald R. Wilson
Twitter @CumberlandSays
Website cumberlandmining.com

Cumberland Mining & Materials, LLC 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. [1]

Background

In 2014 DRW set up Cumberland Mining & Materials, LLC, 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 that were 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, after a year of consulting after leaving Goldman Sachs, joined Cumberland as global head of business development in October of 2017.[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 reportedly 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]

Jim Radecki was reported to be leaving Cumberland in March 2019, after about 18 months with the company.[11]

References

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