Who Cumberland is
Cumberland is the crypto trading business of DRW, a diversified trading firm founded in 1992. It has traded cryptoassets since 2014, with offices across North America, Europe and Asia, Chicago and London among them.
It trades as principal with institutions: spot crypto against crypto or fiat, and options and forwards. Counterparties trade by voice, through Marea, its platform for streaming two-way quotes, or through its API, which is why it is one of the crypto liquidity providers our FX module connects to.
What it does in your platform
FX
Quotes the crypto side of conversions, against crypto or fiat. Cumberland's two-way quotes join your other sources, and conversions that have booked in your ledger are covered with Cumberland in the background, then settled in its daily roll-up.
How the connection works
One connector in the FX module trades with Cumberland through its API. Cumberland's credentials stay in your platform's secrets, and settlement follows Cumberland's post-trade process.
Quotes come in
Cumberland quotes the pairs you trade, and the module reads its quotes next to your other sources.
A customer converts
Your app shows the rate with your margin. On confirm, the conversion books in your ledger at once, at the quoted rate.
The trade is placed
The module trades with Cumberland through the API to cover it, for one conversion or a netted batch.
No funding first
Cumberland settles every trade after it is made, so the trade does not wait for money to arrive.
A daily roll-up
API trades are netted into a roll-up for each 24-hour period and settled together. The module reconciles it with the trades in your ledger, and your treasury team sees both in the admin backoffice.
Next to other providers
Cumberland is one of the crypto liquidity providers in the FX module, with B2C2, Wintermute, Coinbase Prime and Kraken. The module compares their quotes, executes with the best, and keeps quoting if one of them stalls.
The quote screens, the margins and the ledger belong to the module. Adding a provider next to Cumberland, or leaving it later, does not change your apps, and past trades stay in your records.
When Cumberland fits best
A strong fit when
- You want a principal counterparty backed by a long-established trading firm.
- You convert crypto against several fiat currencies, not only US dollars.
- You prefer settlement after the trade, netted once a day, to funding each trade in advance.
Also worth a look
- B2C2 or Wintermute, other liquidity providers from the same group, quoting next to Cumberland.
- Coinbase Prime or Kraken, when you would rather reach exchange order books.
How we get you live
The contract
We help you get your Cumberland account and contract in place, from counterparty approval to settlement instructions.
The pairs
We set up with you the pairs Cumberland quotes, the fiat currencies you settle in, and your margins on each pair.
The keys
Cumberland's API credentials go into your platform's secrets and nowhere else.
A full test run
First trades are small and followed end to end, from a customer's confirm through the daily roll-up to your ledger, before conversions open to all your customers.
