Crypto Trading Firm Cumberland Acquires New York's BitLicense

Cumberland DRW, a major digital asset trader and liquidity provider, said on Monday that the New York State Department of Financial Services (NYDFS) granted its New York-based entity a virtual currency license called BitLicense. "We are pleased that the New York State Department of Financial Services has granted Cumberland New York a BitLicense," the company's official X account posted. BitLicense is New York's landmark regulation for cryptocurrency-focused businesses put in place in 2015. Cumberland is a subsidiary of Chicago-based high-frequency trading company DRW. Cumberland was one of the trading firms that were chosen by Fidelity Investments.

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