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Former bitcoin traders at Circle, Cumberland launch crypto trading firm

Three experienced crypto traders have pulled together $10 million dollars to start a proprietary trading firm on popular digital assets.

Image via Unsplash

Wed, 13 Nov 2019, 06:14 am UTC

Years after Bitcoin entered the market, companies and governments have been scrutinizing the cryptocurrency and what it poses to the financial market moving forward. But it’s not just these entities that have been observing Bitcoin, traders are also studying it as there’s no denying it will be a vital part of the trading sector in the future.

Dan Matuszewski, the former trading overseer at the cryptocurrency-focused financial company Circle, was among those that were interested in crypto trading but was afraid the whole thing might vanish. However, Matuszewski’s stance on this front has now changed as he’s now partnered with two other experienced crypto traders and pooled together $10 million to launch a proprietary trading firm, CoinDesk reported.

Allocating resources

The partners are Bobby Cho and Julien Collard-Seguin. The former previously worked at DRW’s Cumberland crypto unit as the head of trading, while the latter is the previous tech executive at Circle.

Dubbed CMS Holdings, the firm is registered in the Cayman Islands and will be focusing its resources on investing in highly liquid cryptocurrencies like Bitcoin. Cho said that they’ll be allocating 30% of the company’s fund on this end. Meanwhile, around 40 to 50% will be earmarked on tokens and digital assets that aren’t as mainstream, with the rest of the fund chuck into long-term equity investments in the crypto ecosystem.

Current Bitcoin sentiments

Matuszewski changing his stance isn’t surprising given that sentiments on Bitcoin have been leaning on the positive side in recent months. Indeed, even China – a country known to have a negative perception of cryptocurrencies – is also slowly changing its view on Bitcoin.

The state-backed Xinhua News Agency recently called Bitcoin “the first successful application of blockchain technology.” The outlet then proceeded to provide an overview description of Bitcoin, along with its history and uses.

The report was hovering on the neutral side but this has been seen as a positive sign by the cryptorati. Despite this development, however, it has yet to affect the price of Bitcoin, which has now fallen below the $9,00 levels. The most popular cryptocurrency is currently trading hands at $8,779 and is down by 0.19% in the last 24 hours.

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  • Moses
  • 2020.04.29 18:10:28
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