Lord Hammond will work as a consultant with the custodial service provider
Crypto startup Copper has announced that former Chancellor of the Exchequer Lord Philip Hammond has joined the company as a senior adviser.
Copper, a UK-based company founded in 2018 and aimed at institutional investors, said in a statement that Lord Hammond will take up his role immediately.
Hammond is one of the most senior politicians in the UK who works as a consultant for a crypto company. The former lawmaker served between 2010 and 2019, also playing an important role as foreign minister.
Hammond is expected to provide strategic advice to the crypto company’s team, which plans to expand its services to the entire world after entering the US market. That being said, the ex-chancellor will promote the UK as the leading country in the emerging blockchain and cryptocurrency space.
Copper has experienced significant growth over the past year. The company’s CEO Dmitry Tokarev noted that the crypto company now serves over 400 institutional clients.
Tokarev also points out that Copper is focused on expansion within the framework of regulatory compliance, and Lord Hammond contributes crucial experience and expertise in this area.
On his new role at Copper, Hammond said that this is an opportunity to apply Copper’s crypto and trading technology in a way that will revolutionize the provision of financial services.
In his opinion, the key lies in working with all stakeholders, be they entrepreneurs, the government or regulators, with the result likely to secure the UK’s position in the sector for decades to come.
Copper raised $25 million in a Series C funding round led by British hedge fund billionaire Alan Howard in June. This injection was in addition to the $50 million the company received in its Series B round of financing completed in May.