- Cumberland, a leading digital asset trader, received a 246 million USDT infusion from Tether Treasury.
- The funds were promptly deposited into crypto exchanges like Kraken, Coinbase, and OKX.
The global cryptocurrency market continues to showcase strong activity, with institutional investments and significant transactions involving Tether’s stablecoin, USDT. Cumberland, a prominent player in the crypto space, has injected substantial funds into major exchanges, signifying renewed market momentum.
According to Lookonchain, over the past 40 hours, Cumberland has received a substantial 246.6 million USDT from the Tether Treasury, which was promptly deposited into leading crypto exchanges such as Kraken, Coinbase, and OKX. This influx of funds follows a two-month period of dormancy, highlighting a potential resurgence in trading activities.
Historically, since October 2023, Cumberland has been a consistent recipient of USDT from Tether Treasury, amassing a total of 6.102 billion USDT across 109 transactions, all directed towards exchanges.
Crypto Market Buzz: Cumberland’s USDT Surge
The crypto market is abuzz with increased transactional volume, with entities like Cumberland making significant moves. The recent inflow of 246.6 million USDT after a period of inactivity suggests a strategic return to active trading. That comes possibly in response to favorable market conditions or strategic investment opportunities.
In a broader context, the usage of Tether’s USDT continues to expand, with its circulation exceeding 133 billion USDT. This highlights the stablecoin’s growing prominence and utility in the digital economy. Additionally, the issuance of TRON-based USDT has surpassed $60 billion, marking TRON as the first blockchain to achieve this feat with a single stablecoin.
Cumberland is a subsidiary of the Chicago-based high-frequency trading firm DRW. Last month, it obtained a BitLicense from the New York State Department of Financial Services (NYDFS). This regulatory approval enables Cumberland’s New York-based entity to engage in virtual currency activities, further cementing its position in the market. Earlier this year, Cumberland was selected by Fidelity Investments to trade Bitcoin for its spot Bitcoin exchange-traded fund (ETF), which commenced trading in January.
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