Monday 11 October 2021 10:41 am

Former Chancellor Philip Hammond joins crypto start-up Copper

Former Chancellor of the Exchequer, Philip Hammond, has taken the plunge into the crypto space and joined Copper as an adviser.

Founded in 2018, Copper is a custodian and trading platform which caters to more than 400 institutional clients, including banks. The company, which acts as an intermediary between its clients and exchanges helps institutions to hold and trade digital assets securely and handles around $50bn in transaction value each month.

Lord Hammond commented on the move, saying that the company could help “secure the UK’s global leadership in this field for decades ahead”.

“Copper is a true pioneer of digital asset investment technology, innovating the highest standards of security and trading for financial institutions,” Hammond added.

“The really exciting opportunity lies in the application of this technology to revolutionise the way financial services are delivered.”

The start-up, which took home the Digital Asset Custodian Award at the recent Crypto A.M. awards, announced its delight at the appointment.

Dmitry Tokarev, Chief Executive Officer of Copper, said: “We would like to drive growth in our client base within a regulatory framework which will allow us to thrive globally from our London headquarters. 

“With Lord Hammond’s expertise adding to the strength of our team, we look forward to growing Copper and further enhancing the UK’s digital asset technology offering,” he added.

Hammond, who served as Chancellor until Theresa May stepped down in 2019, signalled his support for digital assets last month when he led a bridge investment round in Algbra, a sustainable and values-focused digital finance provider.

The appointment takes place with immediate effect.

Read more: Former chancellor Hammond’s PE firm eyeing government contractor Amey