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Crypto Trader Cumberland Upgrades from Skype to Wall Street Interface

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Cryptocurrency market maker Cumberland is modernizing the way it handles over-the-counter (OTC) trades with clients.

Announced Tuesday, the unit of financial trading giant DRW has unveiled a so-called single-dealer platform called Marea, allowing institutional investors to interact with Cumberland through a screen-based interface, rather than negotiating trades by phone or Skype

As such, the new portal brings Cumberland in line with the way OTC trading has been conducted on Wall Street for more than a decade in traditional asset classes like stocks.

“This is a single-dealer platform and a way for our counterparties to interact with our markets, execute, trade and also view their trading history via a platform,” Bobby Cho, Cumberland’s global head of trading, told CoinDesk, adding:

“We looked at what other asset classes have done in the past, and that was an evolution from voice to chat to kind of on screens.”

To start, the new OTC platform will handle trading of 10 popular cryptocurrencies and also interacts with back-office reporting, ably handled via a tie-up with trade reporting specialists MG Stover.

The initial 10 market pairs include zcash, Sterllar lumens and the U.S. dollar-linked stablecoin TrueUSD, and then the plan is to offer the other coins Cumberland trades, said Cho.

“We are hoping to expand that into all the coins that we trade here, so upwards of about 40 coins, and then expand across the different settlement fiat currencies we also settle in – dollars, Swiss francs, euros, GBP and other currencies like that,” he said.

“So it’s a little bit different from exchanges where you are set to what the exchange offers you from just an order book perspective. In the future, we hope this opens up our counterparties to trade any asset that we allow against either any fiat currency or any other crypto that we offer.”

Research and back office

Also to be added to the portal is the research Cumberland began producing in-house last year, Cho said.

Meanwhile, Marea integrates with back-office trade reporting and reconciliation of positions at the end of the day, said Cho, “whether that’s through a spreadsheet that’s downloadable or through the user interface.”

His team wasn’t going to attempt to build a “full-stack solution for front and back office in a silo,” noted Cho.

To help with the process, third party fund administrators were brought on board, such as MG Stover, which currently services over 80 crypto-dedicated hedge funds.

Matt Stover, CEO of MG Stover, said this involves simple concepts like getting a trade confirmation that is time-stamped with the right quantity and making sure funds have proper books and record.

“We take best practices from the private fund administration space and apply these to digital assets,” he said. “We are really trying to institutionalize the digital asset space.”

Bobby Cho image via CoinDesk Consensus archives

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Bitcoin Retakes $11,000 Following Turbulent Week in Crypto

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Charts Courtesy of Coin360.com

Charts Courtesy of Coin360.com

July 20 — Bitcoin (BTC) has retaken the $11,000 price point on the heels of a turbulent week. 

Charts Courtesy of Coin360.com

Charts Courtesy of Coin360.com

After a bull market at the end of June brought the price of BTC to almost $14,000, the coin had largely been maintaining between $10,000 and $13,000 for most of the past month, briefly cracking $11,000 on July 15 before slipping below the $10,000 price point on July 16. For the past three days, BTC has been in the $10,000 range, but had faltered at the $11,000 resistance until now.

Charts Courtesy of Coin360.com

Charts Courtesy of Coin360.com

The past week has seen some major hurdles for cryptocurrency at large, particularly within the United States. On July 11, President Donald Trump voiced his opposition to cryptocurrencies, particularly BTC and Facebook’s planned Libra, in a series of tweets, saying:

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.” 

Trump’s tweets came days before hearings on Facebook’s Libra before the US Senate Banking Committee on Tuesday, July 16 and the House Financial Services Committee Wednesday, July 17. The two hearings left little doubt as to Congress’s attitude toward Libra, which was overwhelmingly negative. Representative Madeleine Dean commented:

“It’s tough to trust when the collection, storage and misuse of the information of your customers generated a $5 billion fine.”

While Libra’s outlook may be bleak, the significance of the hearings for Bitcoin — with a market cap of $196,266,374,749 as of press time, the largest cryptocurrency — has remained unclear. 

Today’s price rally may mean that the storm has passed for BTC.





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Coinbase CEO Wants Firm to Move Beyond Trading in Next 5 Years

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Brian Armstrong, CEO of major American crypto exchange and wallet service Coinbase,  believes that the firm will be less about trading and more about adoption five years from now.

Armstrong wants the firm to connect people in crypto industry

 In an AMA session on July 19, Armstrong presented his vision of the company in five years, claiming that he sees Coinbase as not just a crypto trading service provider, but rather a more universal entity driving adoption to crypto.

Armstrong pointed out Coinbase’s mission to help grow the global crypto economy by connecting people in the market and expanding crypto community to help people use cryptocurrencies for more than just buying and selling. In this regard, Armstrong cited some recent Coinbase developments, such as incentivized crypto educational program Coinbase Earn, as well as preparations to soon enable crypto lending and margin trading on Coinbase. Armstrong explained:

“In five years I hope that we’ll have it even further beyond that. There’ll be thousands of companies that’ll be crypto-first.”

Armstrong supports people who left Coinbase to run their own crypto projects

As a part of Coinbase’s crypto adoption driver mission, Armstrong has also expressed his positive stance to former Coinbase employees who decided to leave the company to launch a new successful crypto project. Coinbase CEO noted the existing term of Coinbase mafia, recalling roughly ten people who have quit Coinbase to run successful crypto companies.

Armstrong appeared to encourage these former employees, claiming that he really wants people to learn from Coinbase and spread their knowledge to bring more adoption. “We‘re just gonna keep doing more and more of that,” Armstrong said, still adding that Coinbase is a multi product company.

On July 12, Armstrong said that a recent anti-Bitcoin (BTC) tweet by United States President Donald Trump unlocked another achievement for crypto industry, indicating that crypto industry is independent of global powers and that those powers cannot shut crypto down.





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Bitcoin Approaches $11,000 With All Top 20 in Green

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Saturday, July 20 — crypto markets have seen another upward move, with all top 20 coins by market cap seeing major gains, while Bitcoin (BTC) has approached $11,000 mark again.

Market visualization from Coin360

Market visualization from Coin360

After dipping below the $11,000 threshold on July 14, Bitcoin has approached the price point today, with its intraday high of $10,944, according to data from CoinMarketCap. The biggest cryptocurrency added 3.7% to its price to trade at $10,922 at press time. As Bitcoin has seen significant volatility this week, with its price having dipped below $9,500, the cryptocurrency is down around 3% over the past 7 days at press time.

Bitcoin 24-hour price chart. Source: Coin360

Bitcoin 24-hour price chart. Source: Coin360

Ether (ETH), the second cryptocurrency by market cap, is up over 5% and trading at $232 at press time. The top altcoin is down 13.4% over the past 7 days.

Ether 7-day price chart. Source: Coin360

Ether 7-day price chart. Source: Coin360

Ripple (XRP), the third top cryptocurrency by market cap, added 6.4% to trade at $0.339, also seeing a notable growth over the past 7 days, adding up to about 2.6%.

Ripple 7-day price chart. Source: Coin360

Ripple 7-day price chart. Source: Coin360

Bitcoin SV (BSV), the ninth top cryptocurrency by market cap, has added over 25% to its value today, seeing the biggest growth among the top 20 coins by market cap.

As of press time, total market capitalization amounts to $298 billion after that number dropped below $250 billion earlier this week. Daily trade volume amounts to around $63 billion.

The new wave of green on crypto markets follows a recent bullish prediction by managing director and quant strategist at Fundstrat Global Advisors Sam Doctor, who suggested that much-anticipated Bakkt’s Bitcoin futures contracts will launch in Q3 2019.

Additionally, India’s Minister of State for Finance Anurag Thakur said yesterday that there is no legislation in India that expressly bans citizens from using cryptocurrencies.

Keep track of top crypto markets in real time here





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