Former Chancellor of the Exchequer, Lord Hammond of Runnymede, has joined Copper, the London-based provider of digital asset custody and trading infrastructure, as a Senior Adviser.
He takes up this role with immediate effect.
Lord Hammond will provide strategic advice to the Copper team as the company expands globally. Copper announced the launch of its US East Coast office in August 2021 with plans to launch in Asia already underway. Significant global growth follows the completion of an extended USD $75mn funding round in June 2021, led by investor Alan Howard, and venture capital firms Dawn Capital and Target Global.
Lord Hammond will focus on promoting the UK as a Global leader in digital asset technology. Copper’s latest funding round and strong growth throughout the last 18 months, evidences a growing appetite from institutional investors for digital assets. This early work in 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.
A member of the British Conservative Party and a Life Peer, 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.
Dmitry Tokarev, Chief Executive Officer, Copper, said: “We are delighted to welcome Lord Hammond to the Copper team. 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, Senior Adviser, Copper, said: “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.”
Biography: Lord Hammond
Philip has had a distinguished career in British politics as a Member of Parliament from 1997 to 2019. He held a range of Senior cabinet posts, most recently serving as Chancellor of the Exchequer from 2016 to 2019. Prior to this, he served as Foreign Secretary (2014-2016), Defence Secretary (2011- 2014) and Transport Secretary (2010-2011). He was awarded a life peerage by HM The Queen in July 2020.
Before entering Parliament in 1997, Philip had a wide-ranging business career spanning the house-building and property, healthcare equipment and oil and gas sectors.
As Chancellor of the Exchequer, Philip focussed on the long-term productivity challenges facing the UK economy and was a strong advocate for the Financial Services sector, and especially for the fast-growing Fintech sector. He championed the cause of SMEs and the need for greater access to long-term growth capital to allow successful British start-ups to scale up in the UK, rather than seeking capital overseas.
Copper provides a gateway into the digital asset space for institutional investors by offering custody, prime brokerage, and settlements across 300 digital assets and more than 45 exchanges. It is committed to providing flexible solutions for institutional investors that can adapt to the changing digital asset space, while enabling far greater transparency and control for asset managers.
Copper’s fully integrated products are unique in the digital asset space. Underpinned by multi-award-winning custody, Copper has built the comprehensive and secure suite of tools and services required to safely acquire, trade, and store cryptocurrencies, including access to margin lending trading facilities and the DeFi space.
At the core of Copper’s infrastructure is ClearLoop, a framework that connects the universe of exchanges in one secure trading loop — with real-time settlement across the Networks. Integrated with market leading spot and derivative crypto exchanges, ClearLoop has already transformed the way in which institutional investors can engage in the digital asset space since launching in May 2020. Copper was founded in 2018 by CEO Dmitry Tokarev.
For more information, please visit: www.copper.co
Our settlements and clearing service is backed by our award winning custody technology