Terms and Conditions

Terms of Use

By accessing this website, https://cumberland.io/ (this “Website”), you agree to be bound by these Terms of Use. All content on this website (the “Content”) are copyrighted under the laws of the United States. The Content is protected by copyright laws and other applicable laws and treaty provisions throughout the world. The trademarks, service marks, trade dress, graphics, logos, slogans, copyrighted designs and other features of this Website are the property of Cumberland DRW LLC and its affiliated or related companies (collectively, “Cumberland”) and may not be used without the prior permission of Cumberland. No portion of the Content may be copied or reproduced in any form or by any means. You are not permitted to modify, distribute, publish, transmit, frame, reverse engineer, post or link this Website or the Content without prior written permission of Cumberland. You may download information from this Website for your personal and non-commercial use, provided that all copyright and other notices are kept intact and not removed. Cumberland retains all right, title and interest in this Website and the Content and all intellectual property rights in contents downloaded from this Website. The Content may not be stored in a database or retrieval system, without the prior written permission of Cumberland. You may not use this Website or the Content for any unlawful, unauthorized, fraudulent or malicious purpose or in a manner that could interfere with any other person’s use of this Website.

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Trade Execution via Electronic Platforms

Within our electronic trading platforms (Marea and API), we utilize a risk mitigation system called Time Variant Risk Management (TVRM). The purpose of this system is to provide a better user experience for our counterparties by allowing Cumberland to tighten its pricing and maintain quotes for longer during periods of lower volatility. TVRM's goal is to make it cheaper and easier for our counterparties to execute their trades with Cumberland. This risk mitigation strategy will use bands of tolerance to judge slippage during the quoting period, and will execute orders while the price of the underlying coin remains within this band.

Disclaimer

Among other things, Cumberland enters into transactions with approved counterparties for the purchase and sale of cryptoassets on a proprietary, principal to principal basis. By contacting Cumberland, you are expressing a potential interest in learning more about Cumberland and/or entering into such transactions as a counterparty to Cumberland, acting solely as principal, on a proprietary basis for your own account. By viewing this Website and the Content, or providing contact information to Cumberland, you understand that Cumberland has not approved you as a counterparty and is not agreeing to enter into any specific transactions. You will need to be approved as a counterparty prior to entering into any such transactions, each of which will be subject to individual negotiation and agreement. In addition, by allowing you to view this Website and the Content, and by entering into any transactions with you, Cumberland is not creating either an express or implied customer or other relationship, affiliation or association between you and Cumberland. You also agree that nothing on this Website constitutes or may be construed as an offer to enter into a specific transaction, and you acknowledge and understand that Cumberland will not provide any advisory services or assume any fiduciary or other similar obligation with respect to you or any other counterparty or any transaction entered into between Cumberland and you or another counterparty. Cumberland will serve solely as your counterparty with respect to any such transactions and you will be solely responsible for all of your transaction decisions and for the evaluation of all risks related to such transactions. This Website and the content are directed at and made available solely to persons and entities in jurisdictions in which the purchase and sale of cryptoassets is not legally prohibited.

Cumberland makes no representations or warranties of any kind with respect to the Content, including but not limited to representations and warranties as to the accuracy, timeliness, performance, completeness or suitability of the Content for any particular purpose. You acknowledge that the Content may contain inaccuracies or errors. To the fullest extent permitted by law, in no event shall Cumberland shall have any liability arising out of or relating to your use of this Website or the Content.

Cumberland New York LLC Transaction Terms Disclosure

Cumberland New York LLC (“Cumberland NY”) price quotes for spot cryptoasset transactions (including this transaction) may be above or below a composite fair-market midpoint value calculated by Cumberland NY using proprietary models (“Composite Midpoint”). The “spread” between the Composite Midpoint and quoted price may differ over time based on factors including market volatility, Cumberland NY targeted positions, availability of coin borrows, trade size, and overall liquidity of specific token(s). Beyond this spread, Cumberland NY does not impose any additional fees, expenses, or charges for transactions. Pursuant to the terms of the Master Purchase Agreement between Cumberland NY and the customer (the “MPA”), a Completed Trade (as defined in the MPA) may not be cancelled except by Cumberland NY within two minutes of execution if Cumberland NY determines there was an obvious error in a Cumberland Quote, or (ii) in the case of an Event of Default as described in Sections 4.2 and 4.3 of the MPA. By executing a transaction with Cumberland NY, you acknowledge the above disclosures and the transaction amount and exchange rate agreed between you and Cumberland NY.