DeFi Incubator Cumberland Lab Comes Out of Stealth Mode

The growing Singapore-based Web3 lab will have 25 staffers by week's end.

AccessTimeIconJul 21, 2022 at 6:40 p.m. UTC
Updated Jul 21, 2022 at 7:31 p.m. UTC

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

Cumberland Lab, a Web3 and decentralized finance (DeFi) incubator, which shares the name and expertise of Chicago-based cryptocurrency trading giant Cumberland DRW LLC, is moving into the public sphere.

The Cumberland Lab incubator is based in Singapore, where it has been quietly building since March. The lab now numbers around 20 staffers, with five more being added this week, according to Cumberland Lab chief Naveen Agnihotri.

It could be a well-timed move as the so-called “DeFi summer” of 2020 blossomed following the 2018-19 crypto winter. In addition, pure DeFi would seem to be vindicated to a large degree as having so far survived the recent bloodletting involving overleveraged and opaque trading platforms.

“Crypto winter environments are a very favorable time to find growth partners who are in it for the long haul, as opposed to investors who only want to know if your token has gone up 30% this month,” Agnihotri said in an interview with CoinDesk.

There are currently several DeFi projects under the auspices of Cumberland Lab, added Agnihotri, though he decline to provide details.

Agnihotri continued: “The lab has two broad initiatives: One part is to incubate projects as they come to us, and the other is to launch our own projects. We look out into the ecosystem and see if there’s a product or a project that should exist but doesn’t. And if so, we build it ourselves. So we will create a team and we will fund it and bring in management and launch it ourselves.”

Cumberland Lab was founded by the DRW partners, Agnihotri explained, but strictly speaking it’s not a DRW or Cumberland entity.

“So legally, we’re a different company," he said. "We have our own management, we make our own decisions. Having said that, we do benefit from the wisdom of our founders. But the idea is that we will be incubating and launching our own projects that will go out into the world, and not necessarily become captive projects for the DRW or Cumberland.”


Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

CoinDesk - Unknown

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

Trending

1
CoinDesk - Unknown
Voyager: ‘No Customer Will Be Made Whole’ Under FTX Proposal

FTX CEO Sam Bankman-Fried said his firm's offer would give Voyager customers back 100% of the remaining assets, while Voyager’s lawyers argue that it only benefits FTX.

CoinDesk - Unknown
2
CoinDesk - Unknown
First Mover Asia: BTC Falls Below $22.4K; Coinbase Shares Remain Alluring for Institutional Investors

Cathie Wood’s Ark Invest, ETF issuer Exchange Traded Concepts, Cullinan Associates and Utah-based Refined Wealth Management all significantly added COIN to their portfolios as per June 30 filings.

CoinDesk - Unknown
3
CoinDesk - Unknown
Accounting Rules Make the Outcome of Tesla’s Bitcoin Sale Unclear

After the car maker sold 75% of its bitcoin, Twitter piled on the company for losing money on the sale even though it didn’t.

CoinDesk - Unknown
4
CoinDesk - Unknown
How Bitcoin Can Support the Green Energy Transition

A new narrative for Bitcoin’s energy impact.

CoinDesk - Unknown