Copper, the digital asset custody and trading infrastructure vendor, has announced the hire of former UK Chancellor Philip Hammond as a special advisor to the company.
He has been brought inboard at a time when the company is looking to expand globally with offices planned in the US and the expansion already underway in Asia and he would be expected to provide strategic advice as part of the expansion. He would be especially involved in regulatory matters is the assumption as any company that eyes global expansion is likely to run into a variety of regulators and regulations that is going to make progress difficult on a quick basis. Phil would be expected to have good knowledge of regulatory matters and enough respect and clout with the various authorities which would be expected to make the process smoother.
Dmitry Tokarev, chief executive officer, Copper, said: “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 that 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.”
It is reported that it is the second advisory role that Phil has taken on since he retired from politics having already served as an advisor to Oak North, the digital asset form. There he had run into some trouble as he was alleged to have contact his former colleagues to put pressure on them to use the solution of the company. It remains to be seen what kind of advisory role he would serve at Copper but the company has recently received funding for $75 million which is likely to be used for expansion and hiring of specific people like Phil for specific roles.
The company is known for providing a variety of trading solutions with a specific focus on digital assets as users, using its platform, would be able to trade across a variety of crypto exchanges with a single account at Copper. The maintenance of margin, liquidity provision, etc would be managed at Copper and this makes it very easy and convenient for the users especially those who are looking to execute their arbitrage strategy across many instruments and exchanges.