London, UK, 16/03/2023: Copper.co, the leading provider of digital asset custody and prime services for institutional clients, today announced key initiatives necessary to realign the business and focus on the success of its custody and prime services solutions. These actions come after an extensive business review and thorough assessment of wider digital asset market shifts and regulatory conditions.
Copper’s growth through ClearLoop, the off-exchange trading and settlement network that mitigates counterparty risk while offering clients the fullest coverage of digital asset exchanges in the market today, continues at pace. Copper recently announced new exchanges joining the network, and has experienced significant increases in trading volumes and clients onboarding since the end of 2022. The Company anticipates further acceleration in this, its core business.
Given the present challenging conditions in the digital assets space, an uncertain US regulatory environment and a desire to focus on strategic offerings, Copper is streamlining its business, and as a result has announced a redundancy process. The Board has reviewed the business priorities and current position and has made the decision to streamline the business in alignment with its strategic objectives.
Copper will continue to focus on developing its core services and is more confident than ever with regards to its future. The business recently obtained a SOC2 Type 2 assessment which required an extensive and deep examination of its controls. This achievement, rare in the digital assets space, bears testimony to Copper’s high standards of governance and service as it continues to work towards setting the standard in the digital assets industry.
Dmitry Tokarev, Chief Executive Officer, Copper: “Copper’s commitment to supply world-class digital asset custody and prime services that meet the needs of institutional investors is stronger than ever. We regret that our strategic re-alignment in the current market environment has led to us announcing a redundancy process. I wish to place on record my thanks for the hard work and talent of the team and we will work closely with those affected to support them".
“Copper remains on course to be the best supplier of digital asset custody and prime services that meet the needs of institutional investors. But now marks the time to re-evaluate our business strategy and redouble our efforts on further growing the areas where we can build maximum success to transform existing financial infrastructure.”
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Since being founded in 2018, Copper has been setting the standard for institutional digital assets by offering custody, trading, prime services and collateral management of digital assets. Underpinned by multi-award-winning technology, Copper has built the comprehensive and secure products and services required to safely custody and trade cryptocurrencies and other digital assets such as tokens and stablecoins.
At the core of Copper’s infrastructure is ClearLoop, which enables clients to trade and settle in near real time across multiple exchanges, while mitigating counterparty risk and increasing capital efficiency.
For more information, please visit: www.copper.co
Our settlements and clearing service is backed by our award winning custody technology
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