Crypto exchange Copper appoints Philip Hammond as chairman

Former British chancellor Philp Hammond has been appointed chairman of Mayfair-based crypto exchange Copper.

Hammond, who has held a senior advisor role at the company since October, will take up the role on January 26.

Copper said he provided “strategic advice as the company significantly grew and expanded its business and services globally.”

Since taking on his role, Copper has grown from 50 to 300 employees and doubled revenue, the company said in a statement.

The company has also struck high-profile deals with leading financial institutions such as State Street Digital in partnership with Copper, while the company has also tied up with hedge funds and other firms in the Defi ecosystem.

“Lord Hammond has been at the forefront of promoting the UK as a global leader in digital asset technology and has publicly advocated the need to connect traditional finance with distributed ledger technology and reform the UK regulatory framework governing digital assets,” Copper said.

READ Financial News will publish a list of the most influential people in crypto on January 30

Hammond – who was chancellor between 2016 and 2019 – said recent security and regulatory challenges affecting the digital asset sector only highlighted the need for a secure, well-regulated trading infrastructure.

“I remain strongly of the view that post-Brexit the UK financial services sector must embrace distributed ledger technology as a key part of its strategy to remain a major global financial centre. I look forward to continuing to champion this potential to be realized as chairman of Copper,” he said in a statement. from January 26.

In an interview with Financial news in October, the former politician said his turn to the world of digital assets was linked to what a post-Brexit world might look like.

“I have always felt that the solution to this conundrum is that London, post-Brexit, has to become prepared to take a bit more risk, to be a leader in embracing new technologies, new products, new trade ideas, to ensure that we have something to offer, which our partners in It keeps the EU connected to London – however much they want to break away and do their own thing – and gives us some support for the claim that London will remain a global financial centre,” he said. FN.

READ Former Chancellor Philip Hammond on why banks love blockchain and where Truss went wrong

He recently returned from Davos, where he was scheduled to appear on several panels as part of efforts to continue lobbying for support for the crisis-hit sector.

In October, he said FN he felt that the crypto winter was “beneficial” for institutional adoption of the asset class.

“I hope that with [Rishi Sunak] as Prime Minister, we will see the UK become a recognized leader in this space,” he added at the time.

Copper CEO Dmitry Tokarev described the company’s benefits from working with Hammond as an “extraordinary privilege”.

“I am delighted that he has agreed to become the chairman of Copper. In addition to his guidance and experience to benefit and improve Copper, his public advocacy regarding the importance of connecting traditional finance with distributed ledger technology comes at a time when it is needed more than ever,” he said Tokarev.

To contact the author of this story with feedback or updates, please email Penny Sukhraj

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