Philip Hammond, UK’s Ex-chancellor, Joins Crypto Startup Copper
Former British chancellor Lord Philip Hammond has joined a startup, Copper, as the senior advisor. He will give strategic advice related to the company’s worldwide expansion.
Copper is a crypto custody firm based in the UK and serves institutional investors, including banks and hedge funds. The company acts as an intermediary between its clients and exchanges. It allows institutional clients to hold and trade crypto in a secure environment.
Copper reported that it facilitates a $50 billion value in transactions every month on behalf of its over 400 clients.
Lord Hammond said that the company could help secure the UK’s global leadership in the crypto field in the years to come. He acknowledged Copper as a true pioneer of digital asset investment technology, innovating the highest standards of security and trading for financial institutions.
How will Copper benefit from this appointment?
Hammond acknowledged that the UK is moving slowly on crypto regulations compared to Switzerland, Singapore, and Germany. He urged people to persuade UK policy-makers and regulators that crypto presents an opportunity.
He expressed that he will closely work with Copper to help them develop their strategy. However, he pointed out some limitations to what he can do, particularly pertaining to the UK government.
Lord Hammond noted that the company had a blue-chip client base, blue-chip investors, and proprietary technology, rapidly emerging as the preferred option for trading and preserving crypto assets globally.
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Dmitry Tokarev, Copper’s CEO, was delighted to welcome Lord Hammond to the Copper team. He revealed that Copper had grown exponentially over the last 18 months, now serving over 400 institutional clients.
Dmitry stated that Copper is seeking to expand its operations beyond its London headquarters. He said that driving growth in their client base within a regulatory framework would help them thrive globally.
The CEO acknowledged that Lord Hammond’s expertise would add strength to the company’s team. This will help the company grow and enhance the UK’s digital asset technology offering.
The UK, through the Financial Conduct Authority, has repeatedly warned of the risks associated with cryptocurrency. Last month, FCA chair Charles Randell urged regulators to make it more difficult for financial criminals to use cryptocurrency. However, he stressed the necessity of regulators thinking about supporting innovation and where to draw the line between investor freedom and consumer protection.