Lord Phillip Hammond becomes chairman of UK crypto custodian Copper

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“Recent security and regulatory challenges affecting the digital asset industry have only underscored the need for a safe and well-regulated trading infrastructure. I remain a firm believer that the UK financial services industry post-Brexit must embrace distributed ledger technology as a key part of its strategy to remain a major global financial center, and I look forward to continuing to advocate for realizing this potential as Chairman of Copper.

Copper.co has appointed Philip Hammond as chairman of the board of the UK-based provider of institutional digital asset custody and trading solutions.

Former member of the UK House of Lords, Lord Hammond of Runnymede, served as Chancellor of the Exchequer from 2016 to 2019, Foreign Secretary from 2014 to 2016, Defense Secretary from 2011 to 2014 and Transport Secretary (2010-11).

After a distinguished career in British politics as an MP since 1997, he resigned as MP for Runnymede and Weybridge in November 2019 and resumed his career in business.

Philip Hammond at the forefront of promoting the digital asset space in the UK

The British politician has been at the forefront of promoting the UK as a global leader in digital asset technology and has publicly advocated for the need to connect traditional finance with ledger technology distributed assets and to reform the UK regulatory framework governing digital assets.

He first joined Copper as a Senior Advisor in October 2021, having provided strategic advice to the team as the company has grown significantly and expanded its operations and services globally. , the team growing from 50 to more than 300 people and doubling revenues.

The company became the infrastructure partner of State Street Digital and onboarded major hedge funds and partnered with several Defi ecosystem participants.

Copper’s ClearLoop exchange network, which allows institutional clients to trade on multiple digital asset exchanges while keeping funds safe with Copper, thereby mitigating counterparty risk, has opened doors to new business with more clients and exchanges joining ClearLoop at an accelerated rate.

“Exceptional privilege to benefit from the strategic expertise of Lord Hammonds”

Dmitry Tokarev, Chairman and CEO of Copper, said: “It has been an exceptional privilege to benefit from Lord Hammond’s strategic expertise forged through his distinguished career in politics and business. I am delighted that he has agreed to become president of Copper. In addition to his advice and experience for the benefit and betterment of Copper, his public advocacy regarding the importance of connecting traditional finance to distributed ledger technology comes at a time when it is needed more than ever.

Lord Hammond, Chairman of Copper, said: “I have enjoyed working with Copper, a company that has pioneered the use of digital asset investment technology and is increasingly emerging as the main option for global financial institutions to exchange and protect their digital assets.

“Recent security and regulatory challenges affecting the digital asset industry have only underscored the need for a safe and well-regulated trading infrastructure. I remain a firm believer that the UK financial services industry post-Brexit must embrace distributed ledger technology as a key part of its strategy to remain a major global financial center, and I look forward to continuing to advocate for realizing this potential as Chairman of Copper.

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