Jason Leung, worldwide head of Cumberland, the cryptocurrency-targeted device of Chicago-primarily based buying and selling huge DRW, is leaving the organization.
He will be replaced by Chris Zuehlke, formerly chief complex officer at Cumberland, who has been used with DRW for some 15 several years.
A spokesperson for DRW Holdings advised CoinDesk:
“We are grateful to Jason for all of his function in assisting us develop the abilities required to supply the institutional-quality encounter we know counterparties in this space are looking for. We keep on being targeted on the responsible evolution of the marketplace and to offering a globe-class buying and selling encounter.”
Leung’s departure follows that of Cumberland COO Bobby Cho at the commencing of previous month. Cho expended much more than 3 several years assisting to develop up DRW’s crypto buying and selling desk.
Don Wilson, DRW’s founder and CEO, wrote in a letter tackled to the firm’s counterparties that “change is to be expected” with any evolving current market, including:
“Today, we have one more improve as Jason Leung, the Global Head of Cumberland, has designed the determination to depart the organization. Jason introduced his deep abilities in Forex to this nascent asset class, assisting us acquire vital steps to the level of sophistication I believe that Cumberland desires to present to each of you.”
In March of 2019, Cumberland’s worldwide head of business growth, James Radecki, a previous Goldman Sachs banker, remaining the organization.
Previously this year, DRW upgraded to a solitary-supplier system referred to as Marea, allowing for institutional traders to interact with Cumberland through a display screen-primarily based interface, somewhat than negotiating trades by telephone or Skype.
Chicago impression by using Shutterstock