Comparación estructurada · última revisión 2026-09
Cumberland (DRW) vs. Evaluate Cumberland's crypto liquidity against single prime brokers and multi-PoP setups for institutional clients.
Cumberland operates as a crypto OTC liquidity provider under multiple licenses, including tier 1 in the US and UK. While it claims deep liquidity and a long-standing presence, specific metrics are self-measured and not independently verified. Its tier 2 licenses in the BVI and Cayman Islands may limit certain operational aspects compared to tier 1 providers.
01
Licencia, leída en el registro
La clasificación por niveles sigue la misma escala que el registro minorista: tier-2 significa supervisión real y segregación de fondos de clientes, sin fondo de compensación — nunca lo lea como protección tier-1.
| Regulador | Número de licencia | Jurisdicción | Tier | Fuente |
|---|---|---|---|---|
| FCA (cryptoasset registration for UK agent DRW Global Markets Ltd) | 746273 | UK | tier-1 | https://register.fca.org.uk/servlet/servlet.FileDownload?file=0150X000006gbb6 |
| NYDFS (virtual currency business licence, Cumberland New York) | not verified | US | tier-1 | https://cumberland.io/policy |
| BVI FSC (Securities and Investment Business Act licence, Cumberland International Trading Ltd) | not verified | British Virgin Islands | tier-2 | https://cumberland.io/policy |
| CIMA (registration under Cayman Securities Investment Business Act, Cumberland Global Limited) | not verified | Cayman Islands | tier-2 | https://cumberland.io/policy |
Fuente: cumberland.io · abrir fuente ↗
02
El libro de comparación
Dónde gana el modelo, dónde solo compite, y qué afirmaciones puede probar realmente una contraparte.
Gana dónde
- Banks needing OTC crypto solutions
- Brokers seeking reliable liquidity
- Institutional clients in digital assets
Solo compite dónde
- Single prime brokers
- Multi-PoP providers
- Direct venue memberships
Afirmaciones verificables
- Own policy page states: 'Cumberland New York is licensed to engage in virtual currency business activity by the New York State Department of Financial Services'; 'Cumberland's agent in the UK, DRW Global Markets Ltd, is registered as a cryptoasset firm with, and authorized by, the Financial Conduct Authority'; 'Cumberland International Trading Ltd. is licensed by the British Virgin Islands (BVI) Financial Services Commission under the BVI Securities and Investment Business Act'; 'Cumberland Global Limited is registered with the Cayman Islands Monetary Authority under the Cayman Islands Securities Investment Business Act'; member of ISDA; and 'DRW Holdings, LLC is the ultimate parent company for the entities in the Cumberland Group' (cumberland.io/policy, checked 10 Sept 2026)
- FCA register bulk-extract lists DRW GLOBAL MARKETS LTD, FRN 746273, Authorised (LEI 549300JVXT0U42UPXE36) — the UK agent named on Cumberland's own policy page
Afirmaciones que no podemos verificar desde fuera
- 'Deep, reliable liquidity' and 'one of the longest-standing crypto liquidity businesses' characterisations come from partner releases (Wyden, GCEX), not audited figures
- DRW Holdings, LLC 'LT Rated by Moody's and S&P' appears on the own policy page without the ratings themselves being published
03
Perímetro y cobertura
| Clases de activos | Centros de datos | Conectividad | Clientes aceptados | Rechazados explícitamente |
|---|---|---|---|---|
| Crypto OTC spot, Digital-asset derivatives market making, Institutional crypto liquidity via integrations (GCEX XplorSpot, Wyden network) | API (OTC), Third-party distribution integrations (GCEX, Wyden) | Banks, Brokers, Institutional crypto clients (per partnership releases) |