Mark Weaden
The UK’s ex-chancellor Phillip Hammond finds a role at cryptocurrency start-up Copper
The Former British Finance Minister Sir Phillip Hammond has joined Copper as a specialist financial advisor dealing with cryptocurrency storage and trading and becoming one of the most notable names in the fast-growing cryptocurrency industry.
Copper was launched back in 2018 and aims to provide institutional investors with an opportunity to provide value for clients, with offices in London, New York, Hong Kong, Singapore, Moscow, Dubai, and Zurich. Copper can open up the doors for crypto investments to clients through smart investments.
Plans For The Future With Copper
The company aims to serve not only hedge funds but also the public sector, with family offices dotted across the globe. The company claims that it has processed over $50 billion in transactions each month on behalf of some 400 clients. The figures are staggering and are a big part of the reason they’ve decided to invest in bringing in financial giants like Phillip Hammond to advise the company.
Hammond recently stated that Copper’s digital asset investment “Technology will revolutionize the way financial services are delivered.”
One of the major criticism, which was one delivered by Hammond’s government, was that the UK government hasn’t been provocative in regulating crypto, curbing innovation and slowing down the process of integration in general. Now, working alongside Copper CEO Dmitry Tokarev, Hammond will be able to help the company grow from its London headquarters.
Hammond stepped away from politics at the end of 2019, but has since found work advising for bank institutions and now a crypto firm. With a $75 million round of funding completed this summer, Copper is in an excellent position to fulfil its role of providing first-class tools to acquire, trade, and store cryptocurrencies.
Mainstream Adoption of Crypto by Investment Firms
This year the cryptocurrency market has experienced significant changes in the way in which it’s perceived publically. With companies offering cryptocurrency as payments, as well as many new technologies using blockchain technology, there has been a shift towards the mainstream.
But, it’s major moves from established financial organizations like JP Morgan Chase, Citibank, that really show the sign of change. Smaller firms looking to bridge the gap between public investments and crypto-based investments, firms like Copper, are likely to crop up more and more as mainstream adoption increases.
