Crypto Trading Firm Cumberland Can Trade Crypto With Canadian Dollars
Clients 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.