Jason Leung, world head of Cumberland, the cryptocurrency-focused unit of Chicago-based buying and selling large DRW, is leaving the agency.
He can be changed by Chris Zuehlke, previously chief technical officer at Cumberland, who has been employed with DRW for some 15 years.
A spokesperson for DRW Holdings advised CoinDesk:
“We’re grateful to Jason for all of his work in serving to us construct the capabilities wanted to ship the institutional-grade expertise we all know counterparties on this area are searching for. We stay targeted on the accountable evolution of the trade and to delivering a world-class buying and selling expertise.”
Leung’s departure follows that of Cumberland COO Bobby Cho firstly of final month. Cho spent greater than three years serving to to construct up DRW’s crypto buying and selling desk.
Don Wilson, DRW’s founder and CEO, wrote in a letter addressed to the agency’s counterparties that “change is to be anticipated” with any evolving market, including:
“As we speak, we now have one other change as Jason Leung, the World Head of Cumberland, has made the choice to depart the agency. Jason introduced his deep experience in FX to this nascent asset class, serving to us take vital steps in direction of the extent of sophistication I imagine Cumberland wants to supply to every of you.”
In March of 2019, Cumberland’s world head of enterprise improvement, James Radecki, a former Goldman Sachs banker, left the agency.
Earlier this 12 months, DRW upgraded to a single-dealer platform known as Marea, permitting institutional buyers to work together with Cumberland by means of a screen-based interface, relatively than negotiating trades by telephone or Skype.
Chicago picture through Shutterstock