Cumberland DRW, a major digital asset trader and liquidity provider, said on Monday that its New York-based unit has obtained a virtual currency license called BitLicense. “We are grateful to the New York State Department of Financial Services for granting Cumberland New York a BitLicense,” the company's official X account shared.

“As one of only a few mainstream trading firms to hold a BitLicense, we look forward to building strong trading relationships with institutional counterparties in New York,” the company added.

BitLicense is New York's notable regulation for cryptocurrency-focused businesses, which went into effect in 2015. This regulation spearheaded efforts to regulate the nascent crypto industry at the state level, but has drawn criticism from market participants over the years for stifling innovation.

Cumberland is a subsidiary of DRW, a high-frequency trading company based in Chicago. Earlier this year, Cumberland was one of the trading firms selected by Fidelity Investments to buy and sell bitcoin {{BTC}} for Fidelity's spot bitcoin exchange-traded fund (ETF), which began trading in January.

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