Former Circle Exec - Bitcoin is “a lot safer now”

• Two former execs at Circle have teamed up to found proprietary crypto trading platform CMS Holdings.
• The three have all reportedly made the decision to pitch in over $10 million.
• 30% is set to be invested by CMS Holdings.

Following on from an article we published earlier today, two former execs at the crypto finance company, Circle and an ex exec at DRW have all teamed up to found proprietary crypto trading platform CMS Holdings.

According to CoinTelegraph on 13th November, “the firm is the joint venture of former Circle executives Daniel Matuszewski — former head of the firm’s over-the-counter desk Circle Trade — and former technology executive Julien Collard-Seguin alongside a third partner. The third founder is the former head of trading at Cumberland (the crypto trading arm of brokerage DRW) Bobby Cho.”

The three have all reportedly made the decision to pitch in over $10 million. Whereas Circle only began trading in October, CMS Holdings is based out of the Cayman Islands and does not look after the finances of outside investors. 

Cho explained:

“We deploy strategies much like a hedge fund in the market, except that we’re not structured as such.”

30% is set to be invested by CMS Holdings of its capital into the majority of liquid digital currencies. 

Nevertheless, Matuszewski did confess that he would never have started such a company just a few years ago due to the huge concerns over risk. He explained:

“There was always a non-zero chance that bitcoin would gap down, die, and never come back. [...] It’s a lot safer now, in that it’s probably not going to disappear.”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!