<p>Daniel Matuszewski, former head of Circle Trade, an over-the-counter (OTC) trading desk of cryptocurrency firm Circle, has jointly set up a new proprietary trading firm called CMS Holdings.</p> <p>Matuszewski has <a href="https://www.coindesk.com/former-cumberland-and-circle-traders-pool-money-for-crypto-prop-trading?utm_source=twitter&amp;utm_medium=coindesk&amp;utm_term=&amp;utm_content=&amp;utm_campaign=Organic%20">partnered</a> with Bobby Cho, former head of trading at brokerage firm DRW’s Cumberland crypto unit, and Julien Collard-Seguin, a former technology executive at Circle, for the new venture, CoinDesk reported Tuesday.</p> <p>Matuszewski<a href="https://www.theblockcrypto.com/post/34610/circle-otc-head-departs-firm-following-layoffs-and-departures"> left Circle</a> Trade in August, while Cho <a href="https://www.theblockcrypto.com/linked/21614/bobby-cho-exits-drws-cumberland">left Cumberland</a> in May, as The Block reported at the times. Their new firm, CMS Holdings, is reportedly looking to pool more than $10 million for business.</p> <p>A proprietary trading firm invests for direct market gains rather than earning commission by trading on behalf of clients. Cayman Islands-registered CMS Holdings, therefore, doesn’t manage money from outside investors.</p> <p>“We deploy strategies much like a hedge fund in the market, except that we’re not structured as such,” Cho was quoted as saying in the report.</p> <p>The firm’s plan is to put 30% of the money into highly liquid cryptocurrencies like bitcoin (BTC) and ether (ETH), 40-50% into less-frequently traded tokens, and the rest into long-term equity investments in the crypto industry, Cho added. </p>