Cumberland's business development head James Radecki set to depart firm

James Radecki, the three-piece suit wearing Wall Street veteran, is leaving Cumberland, the cryptocurrency OTC shop run by Chicago-based DRW, the firm said in a statement to its counter-party clients this week.

Radecki, who joined Cumberland over a year ago following his retirement from Goldman Sachs, was hired as global head of business development. Cumberland is one of the best-known market making firms in the nascent bitcoin trading world. 

"Jim Radecki has made the decision to step down from his position at Cumberland at the end of the month to pursue new interests," the firm said in the emailed statement. 

"We are actively seeking a new Global Head of Business Development, but in the interim, Bobby Cho will oversee relationship management and Justin Chow will oversee business development."

Recently, Cumberland rolled-out a new electronic trading platform, dubbed Marea, to interact with its trading counter-parties.

It was a move that followed its Chicago cross-town rival Jump Trading and other market makers in crypto that have modernized their marketplaces. Still, even as such firms strove to take the market to the next level they have struggled to keep their Wall Street talent on the payroll as the bear market continues its grip.

CMT Digital, a Chicago-based firm, laid off more than 10 people from its OTC team, as The Block previously reported. Kenetic Capital, another firm, shut their advisory and over-the-counter trading business.

It's not clear where Radecki, who was a big presence in the crypto conference circuit, is heading. He did not immediately respond to a message seeking comment. 

Radecki previously spent 17 years at Goldman Sachs in hedge fund sales and prime brokerage. Prior to that he spent four years at ING in risk management.