139: Making way for the ‘whales’ of cryptocurrency markets w/ Bobby Cho, Cumberland Mining

Aaron Fifield Podcast 2 Comments

Bobby Cho is a cryptocurrency trader at Cumberland Mining—which is a company of DRW Trading. Ever since getting involved in financial markets, during 2008, Bobby has gravitated towards mostly illiquid/difficult-to-trade products…

So, in some ways, it was inevitable that he would begin to explore Bitcoin and other cryptocurrencies. This was around 2013, while Vice President at SecondMarket.

In 2014, Bobby became Director at Bitcoin exchange, itBit, and then in 2016, joined Cumberland Mining—one of the largest institutional liquidity providers in cryptocurrency markets (predominately Bitcoin and Ethereum).

Topics of discussion:

  • Bobby describes how he discovered Bitcoin, why he envisioned it would be of interest to institutions, and why he felt compelled to improve the infrastructure.
  • Why a trading firm such as DRW, which is already well-established in traditional products and securities, has become attracted to cryptocurrency markets.
  • A comparison between market making in equity markets and cryptocurrency markets, and why exchange arbitrage is more difficult than most imagine.

Bobby Cho: Cyrptocurrency trader at Cumberland Mining / DRW Trading, former Director at itBit and Vice President at SecondMarket.

Links and resources mentioned:

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