Former UK Chancellor Hammond to Head Crypto Firm Copper

• Former UK Chancellor, Philip Hammond has been appointed as head of Copper.
• Hammond has been with Copper since October 2021 as an Advisor.
• Copper hopes to leverage on Hammonds profile and connections to link traditional finance with DLT.

A former chancellor in the United Kingdom (UK), Philip Hammond has been appointed as the Chairman of a crypto custodian company, Copper Technologies Limited. Hammond’s latest appointment comes after a few years of working with the company, having joined as an Advisor in October 2021.

Hammond’s new appointment allows Copper to leverage his widespread connections and high public profile to link traditional finance with distributed ledger technology (DLT). He is also expected to play a role in reforming the UK regulatory framework governing digital assets.

In an address, Hammond noted the need for a safe and well-regulated trading infrastructure for digital assets. He identified the recent security and regulatory challenges that the industry has faced as points of emphasis on the need for a well-organized ecosystem.

As chairman of Copper, Hammond continues to make the case for this potential to be realized. He reaffirmed his belief in the need for the adoption of DLT by the post-Brexit UK if it must remain a major global financial center.

Hammond states;

I remain firmly of the view that the post-Brexit UK financial services sector needs to embrace distributed ledger technology as a key part of its strategy to remain a major global financial center.

Since joining Copper as an Advisor Hammond has helped the company to scale in many areas. The staff strength has grown from 50 to over 300, with revenue doubling. Copper has been able to secure landmark deals that elevated it into becoming the infrastructure partner of State Street Digital. It has been involved in hedge funds onboarding and has established multiple partnerships in the DeFi ecosystem.

Hammond left parliament in 2019, after which he became a full participant in the FinTech industry. He was an Advisor for OakNorth and was part of the team formulating plans to create a new £1 Billion fintech fund to accelerate the growth of promising UK scale-ups.

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