In the latest cryptocurrency news today, we can see that two former Circle executives who worked at the crypto finance firm along with a DRW executive decided to jointly found the new proprietary crypto trading firm CMS Holdings.
As reports showed on November 12, this firm is actually the joint venture of the two former Circle executives named Daniel Matuszewski (who was a former head of the firm and its over the counter OTC desk Circle Trade) and Julien Collard-Seguin (the former technology executive) along with a third partner. The third founder is the former head of trading at the crypto trading arm of the brokerage DRW named Cumberland, named Bobby Cho.
The reports also show that the crypto trading firm will gather a budget of over $10 million. The firm started trading last month and the three former Circle executives are apparently making this a smooth start.
CMS Holdings is a firm that is based out of the Cayman Islands and does not manage the money of outside investors.
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As Cho explained in the interview:
“We deploy strategies much like a hedge fund in the market, except that we’re not structured as such.”
The company also plans to invest 30% of its capital into the most liquid cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) as well as 40% to 50% into less-traded digital assets. The remaining funds will go into long-term equity in the cryptocurrency industry.
Matuszewski, who is one of the two former Circle executives, left the firm (Circle) in August this year. He admitted that he would not have started a crypto trading firm a few years ago because of risk concerns. However, he also added:
“There was always a non-zero chance that bitcoin would gap down, die, and never come back. […] It’s a lot safer now, in that it’s probably not going to disappear.”
As we can see, Matuszewski’s statements actually resonate with the increasing participation of the regulated actors in the cryptocurrency space. In a recent example, we could see the Switzerland-based cryptocurrency bank SEBA launching its services for professional investors as well as enterprise clients.
As it says on its Bloomberg page, CMS Holdings Group LLC provides professional services in the field of cryptocurrency trading.
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