Difference between revisions of "Cumberland DRW LLC"

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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>
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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>  
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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 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>

Revision as of 09:58, 2 May 2019

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Cumberland DRW LLC
Cumberland logo.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 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]

References

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