Philip Hammond, former British chancellor, is now an advisor of Copper, the UK cryptocurrency custodial group. His role there will be that of a senior advisor, offering strategies that will help Copper grow globally. As of now, the London start-up has already expanded in the US and there are hopes to also open offices in Asia.
Cooper, which started in 2018, builds infrastructure services for the digital asset sector, such as prime brokerage, custody, and settlement, has around 400 institutional clients, and keeps attracting new ones. The company made a total of $75 million from investors this summer.
Among the company’s supporters happened to be Lord Hammond that referred to it as a ‘true pioneer’ and a great chance to embrace the latest technology for financial matters.
The idea is for the most talented of British people, be it from industry, governments, or regulators and entrepreneurs, to join forces in building blockchains for financial services, declares Hammond. The former chancellor adds that doing so would enable a stronger position for the UK leadership in this department.
The politician is not the only one to rejoice over this partnership, the crypto company is also happy to have him on board. Copper’s CEO, Dmitry Tokarev, expressed his delight in welcoming the new member. As the crypto start-up is interested in growing globally, Lord Hammond will be a valuable asset for this purpose, believes the CEO.
The financial aspect of the Hammond-Copper collaboration has not been revealed. The first abandoned politics in 2019 and only a year later was appointed as a life peer, an important title in Britain. He also worked as an advisor for OakNorth Bank.
Lord Hammond is only one among the big political names to join the world of cryptocurrencies. Andrew Hammond, a member of the Treasury Select Committee became part of IronX, the crypto exchange, in October 2018. Similarly, Matt Hancock, a U.K. member of parliament expressed his big support for blockchain technology during a London conference in April 2018.