Jason Leung, global head of Cumberland, the cryptocurrency-focused unit of Chicago-based trading giant DRW, is leaving the firm.

He will be replaced by Chris Zuehlke, formerly chief technical officer at Cumberland, who has been employed with DRW for some 15 years.

A spokesperson for DRW Holdings told CoinDesk:

“We are grateful to Jason for all of his work in helping us build the capabilities needed to deliver the institutional-grade experience we know counterparties in this space are looking for. We remain focused on the responsible evolution of the industry and to delivering a world-class trading experience.”

Leung’s departure follows that of Cumberland COO Bobby Cho at the beginning of last month. Cho spent more than three years helping to build up DRW’s crypto trading desk.

Don Wilson, DRW’s founder and CEO, wrote in a letter addressed to the firm’s counterparties that “change is to be expected” with any evolving market, adding:

“Today, we have another change as Jason Leung, the Global Head of Cumberland, has made the decision to leave the firm. Jason brought his deep expertise in FX to this nascent asset class, helping us take important steps towards the level of sophistication I believe Cumberland needs to offer to each of you.”

In March of 2019, Cumberland’s global head of business development, James Radecki, a former Goldman Sachs banker, left the firm.

Earlier this year, DRW upgraded to a single-dealer platform called Marea, allowing institutional investors to interact with Cumberland through a screen-based interface, rather than negotiating trades by phone or Skype.

Chicago image via Shutterstock