Copper, an “institutional gateway to digital asset investing,” has added former Chancellor of the Exchequer Philip Hammond to its board of advisors. Lord Hammond is one of only three people to have served continuously in the UK cabinet from 2010 to 2019, serving under Prime Ministers David Cameron and Theresa May. Lord Hammond served as Chancellor of the Exchequer from 2016 to 2019, Foreign Secretary from 2014 to 2016, and Defence Secretary from 2011 to 2014.
According to a statement by Copper, Lord Hammond will take up his role as Senior Advisor immediately.
Lord Hammond is expected to provide strategic advice to Copper as it expands its services globally.
Copper announced the launch of its US East Coast office in August 2021. Copper states that plans to launch in Asia are already underway.
Josh Bell, General Partner at Dawn Capital – an investor in Copper, issued the following statement:
“Copper’s announcement is further evidence of digital assets moving into the mainstream investment framework, part of the new global digital economy, and a result of growing appetite from institutional investors. Since we led Copper’s Series B back in May, the British founded-business has gone from strength to strength, building out its product suite, international footprint and impressive client base. The appointment of Philip Hammond continues to add to its impressive growth and journey ahead, and we look forward to what the future has in store.”
Dmitry Tokarev, Chief Executive Officer, Copper, said that over the last 18 months, Copper has grown exponentially, now serving over 400 institutional clients.
“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.”
Lord Hammond is expected to focus primarily on promoting the UK as a global leader in digital asset technology.
Copper says that their latest funding round, $75 million in June 2021, and strong growth throughout the last 18 months is evidence of a growing appetite from institutional investors for digital assets.
Copper believes that connecting traditional finance with distributed ledger technology lays the groundwork for the eventual transition for all assets, both real and financial, onto a DLT-based system.
Lord Hammond, commented on his new role:
“Copper is a true pioneer of digital asset investment technology, innovating the highest standards of security and trading for financial institutions. But the really exciting opportunity lies in the application of this technology to revolutionise the way financial services are delivered. If we can bring together the best of Britain – entrepreneurs, industry, government, and regulators – to create and enable a blockchain-based ecosystem for financial services, we will secure the UK’s global leadership in this field for decades ahead. I am looking forward to working with Dmitry and the team at Copper as we pursue this ambition to change and grow a new global digital economy, from right here in the centre of London.”