July 2, 2024|Commentary

Bridging TradFi and crypto, a conversation with Cumberland’s Nathalie Ngo


What was your path to DRW/Cumberland?

I had previously spent almost 10 years at a large bank, in a variety of roles on the trading floor, most recently on the Emerging Markets desk focused on Latam Fixed Income Sales.

I joined Cumberland through a referral from one of the traders I worked with who had moved to Cumberland a couple years prior. He knew of my personal involvement and early interest within the crypto ecosystem and, with my previous experience covering institutional accounts, thought I would be a good fit for the Relationship Manager position at Cumberland.

Tell us about your day-to-day work at Cumberland. What do you enjoy most about your role?

Every day is different! I start my day with a hand-off from our European team who provides an overnight update on the market and counterparty developments. The morning is then filled with providing market color for our counterparties, executing trades, and managing onboardings. Trading in the afternoon continues with many ETF counterparties becoming active. I also dedicate the afternoon to focusing on moving forward bespoke projects and writing up trading proposals for our team. The day closes with putting together a record of the day's activities and preparing a handoff over to the next time zone.

What I enjoy most about my role is working with our counterparties to use Cumberland's vast liquidity to solve for their trading needs.

Trends and developments in crypto change at lightning speed. We rely on members of our team across Cumberland as well as our sister companies including Cumberland Labs, Hashnote, and expand.network to keep apprised. Cumberland also has a venture capital arm that keeps a strong pulse on what trends are hot at any given time. By having constant dialogue with our global counterparties, a lot of our information comes from this direct network of some of the largest, most significant players in the industry. We also have an internal network of specialists that collaborate for the benefit of the overall firm, which gives us a competitive advantage.

How do you tailor your services to meet the specific needs of different institutional counterparties?

Our counterparty base is very broad - from individual early crypto investors to large, established asset managers. This makes tailoring services a tough task! However, every counterparty within a type will have similarities. For example, retail exchanges, ATMs and payment processes are heavy users of our electronic trading capabilities, so we have members of the team who focus more on that. Large asset managers and high net worth individuals are more likely looking for bespoke market color and trade ideas, so we have others who focus there.

What kind of ongoing support and communication can counterparties expect from their relationship manager?

Once a counterparty is onboarded with Cumberland, a Relationship Manager becomes the conduit between the counterparty and the firm. Although our primary role is to facilitate crypto transactions, our ultimate goal is to make sure Cumberland is top of mind when they need to trade. And by extension, we help market other areas of DRW’s direct trading businesses as well, to ensure that our counterparties are taking advantage of the full suite of products DRW can offer directly to its counterparties.

What conferences can we expect to see you at this year?

As we have a global team, and we cover a diverse set of counterparties, we try to attend and participate in a wide variety of conferences around the world – from Bitcoin 2024 in Nashville, to Digital Assets Summit in London, to Token2049 in Singapore.

The information (“Information”) provided by Cumberland DRW LLC and its affiliated or related companies (collectively, “Cumberland”), either in this document or otherwise, is for informational purposes only and is provided without charge. Cumberland is a principal trading firm; it is not and does not act as a fiduciary or adviser, or in any similar capacity, in providing the Information, and the Information may not be relied upon as investment, financial, legal, tax, regulatory, or any other type of advice. The Information has not been prepared or tailored to address, and may not be suitable or appropriate for the particular financial needs, circumstances, or requirements of any person, and it should not be the basis for making any investment or transaction decision. THE INFORMATION IS NOT A RECOMMENDATION TO ENGAGE IN ANY TRANSACTION.

If any person elects to enter into transactions with Cumberland, whether as a result of the Information or otherwise, Cumberland will enter into such transactions as principal only and will act solely in its own best interests, which may be adverse to the interests of such person. Before entering into any such transaction, you should conduct your own research and obtain your own advice as to whether the transaction is appropriate for your specific circumstances. In addition, any person wishing to enter into transactions with Cumberland must satisfy Cumberland’s eligibility requirements. Cumberland may be subject to certain conflicts of interest in connection with the provision of the Information. For example, Cumberland may, but does not necessarily, hold or control positions in the cryptoasset(s) discussed in the Information, and transactions entered into by Cumberland could affect the relevant markets in ways that are adverse to a counterparty of Cumberland. Cumberland may engage in transactions in a manner inconsistent with the views expressed in the Information.

Cumberland makes no representations or warranties (express or implied) regarding, nor shall it have any responsibility or liability for the accuracy, adequacy, timeliness, or completeness of, the Information, and no representation is made or is to be implied that the Information will remain unchanged. Cumberland undertakes no duty to amend, correct, update, or otherwise supplement the Information.

The virtual currency industry is subject to a range of risks, including but not limited to: price volatility, limited liquidity, limited and incomplete information regarding certain instruments, products, or cryptoassets, and a still emerging and evolving regulatory environment. The past performance of any instruments, products, or cryptoassets addressed in the Information is not a guide to future performance, nor is it a reliable indicator of future results or performance. Investing in virtual currencies involves significant risks and is not appropriate for many investors, including those without significant investment experience and capacity to assume significant risks.

The Monetary Authority of Singapore (“MAS”) requires Cumberland SG Pte. Ltd. to provide this risk warning to you. Before you: (a) pay or transfer your Digital Payment Token (‘DPT’) service provider any money or DPT; (b) enter into an agreement with a third party to buy or sell DPTs upon inducement by your DPT service provider; (c) enter into an agreement with a third party under an arrangement by your DPT service provider for the transmission of DPTs; (d) pay a third party any money or DPT under an arrangement by your DPT service provider for the transmission of DPTs; or (e) transfer any digital payment token instrument to your DPT service provider, you should be aware of the following:

Cumberland SG Pte. Ltd. is exempted by MAS from holding a license to provide DPT services while its license application is pending with MAS. Please note that you may not be able to recover all the money or DPTs you paid to a DPT service provider, or any other third party referred to above, if the DPT service provider’s or the third party’s business fails.

You should not transact in a DPT if you are not familiar with the DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by your DPT service provider.

You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.

You should be aware that your DPT service provider, as part of its license to provide DPT services, may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoins.”

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