Lord Phillip Hammond becomes Chair of UK crypto custodian Copper
“Recent security and regulatory challenges affecting the digital asset sector have only served to emphasise the need for safe, well-regulated trading infrastructure. I remain firmly of the view that the post-Brexit UK Financial Services sector needs to embrace Distributed Ledger Technology as a key part of its strategy to remain a major global financial centre. I look forward to continuing to make the case for this potential to be realised as Chairman of Copper.”
Copper.co has appointed Philip Hammond as Chair of the Board of the UK-based institutional digital asset custody and trading solutions provider.
A former member of the House of Lords of the United Kingdom, Lord Hammond of Runnymede, served as Chancellor of the Exchequer from 2016 to 2019, Foreign Secretary from 2014 to 2016, Defence Secretary from 2011 to 2014, and Transport Secretary (2010-11).
After a distinguished career in British politics as a Member of Parliament since 1997, he stepped down as the MP for Runnymede and Weybridge in November 2019, and resumed his business career.
Philip Hammond at the forefront of promoting digital asset space in UK
The British politician has been at the forefront of promoting the UK as a global leader in digital asset technology and publicly making the case for the need to connect traditional finance with distributed ledger technology and reforming the UK’s regulatory framework governing digital assets.
He first joined Copper as a Senior Adviser in October 2021, having provided strategic advice to the team as the firm has grown significantly and expanded its operations and services globally, with the team growing from 50 to over 300 people and doubling revenues.
The firm became the infrastructure partner of State Street Digital and onboarded leading hedge funds and partnered with multiple participants in the Defi ecosystem.
Copper’s exchange network ClearLoop, which enables institutional clients to trade on multiple digital asset exchanges while keeping funds in secure custody with Copper, thereby mitigating counterparty risk, has opened the doors to new business with more clients and exchanges joining ClearLoop at an accelerated pace.
“Outstanding privilege to benefit from Lord Hammond’s strategic expertise”
Dmitry Tokarev, Chief Executive Officer, Copper, said: “It has been an outstanding privilege to benefit from Lord Hammond’s strategic expertise forged by his successful career in politics and business. I am thrilled he has agreed to become Chair of Copper. In addition to his guidance and experience benefiting and enhancing Copper, his public advocacy relating to the importance of connecting traditional finance with distributed ledger technology comes at a time when it is needed more than ever.”
Lord Hammond, Chairman, Copper, said: “I have greatly enjoyed working with Copper, a company that has pioneered the use of digital asset investment technology and which is increasingly emerging as the leading option for global financial institutions to trade and safeguard their digital assets.
“Recent security and regulatory challenges affecting the digital asset sector have only served to emphasise the need for safe, well-regulated trading infrastructure. I remain firmly of the view that the post-Brexit UK Financial Services sector needs to embrace Distributed Ledger Technology as a key part of its strategy to remain a major global financial centre. I look forward to continuing to make the case for this potential to be realised as Chairman of Copper.”
