Cumberland DRW LLC

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Cumberland DRW LLC
Cumberland-large.png
Founded 2014
Headquarters Chicago, Illinois
Key People Bobby Cho, Donald R. Wilson
Twitter @CumberlandSays
Website Cumberland.io

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. [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]

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

References

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