Cryptocurrency trading platform Cumberland has added the ability to trade in Canadian dollars.
This move from the firm came after an agreement with Canadian-based cryptocurrency platform BitBuy, while aiming to increase liquidity in the stock market.
Move from Cumberland to Increase Liquidity
Cumberland DRW, a leading liquidity provider in digital assets, has announced that its clients now offer the ability to trade in Canadian dollars. Cumberland said in a Tweet that they believe this new feature will reduce issues and simplify the transaction process for their trusted large enterprise customers.
The announcement comes a week after Cumberland partnered with BitBuy, the registered Canadian crypto trading platform to increase liquidity in the exchange’s crypto asset market.
Alex McDougall, president and CEO of Stablecorp, a fintech firm that created QCAD, a stablecoin pegged to the Canadian dollar, commented on Cumberland’s announcement that it supports crypto transactions in Canadian dollars:
“This situation is not unexpected. Given that we still pay a significant difference to process transactions in Canada, it will be interesting to see if the entry of a major global player like this affects Canadian dollar pricing to end retail customers.”
