Crypto Trading Firm Cumberland Can Trade Crypto With Canadian Dollars
The move comes one week after Cumberland inked a deal with Canada-based crypto platform BitBuy to boost liquidity on that exchange.
Jan 30, 2023 at 8:19 p.m. UTCClients of Cumberland DRW – a prominent liquidity provider in digital assets – can now trade crypto denominated in Canadian dollars.
This new capability, said Cumberland in a Twitter post, will reduce friction and simplify the transaction process for its trusted large institutional customers.
The announcement comes a week after Cumberland partnered with registered Canadian crypto trading platform BitBuy to increase liquidity on that exchange’s crypto asset marketplace. Cumberland needed the capability to transact crypto in Canadian dollars if it is to offer crypto liquidity to Bitbuy.
“It’s not unexpected” for Cumberland to announce support for crypto transactions denominated in Canadian dollars, said Alex McDougall, president and CEO of Stablecorp, a fintech firm that created QCAD, a stablecoin pegged to the Canadian dollar. “It will be interesting to see if the entry of a major global player like this impacts Canadian dollar pricing out to end retail customers as we still pay a significant spread in Canada,” he added.
Cumberland DRW did not return a request to comment by press time.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/fa7364e5-d29e-4eb7-bb6b-181a5a7ec0eb.png)
Sage D. Young was a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.