Former UK Chancellor Philip Hammond has signed on as an advisor to a British cryptocurrency startup.
Copper, which makes cryptocurrency trading tools for institutional investors, said Lord Hammond of Runmead had joined the company as a senior advisor. He will provide strategic advice focused on Copper’s global expansion. Copper, founded in 2018, recently opened an office in the US and expects to expand into Asia.
Lord Hammond called the company a “true pioneer” and said there was an “exciting opportunity” to adapt the technology for mainstream financial services.
“If we can bring together the best UK entrepreneurs, industry, government and regulators to build and enable a blockchain-based ecosystem for financial services, we can secure the UK’s global leadership in the sector for decades to come. Will keep,” said Hammond. in a statement.
Copper CEO Dmitry Tokarev said: “We are delighted to welcome Lord Hammond to the Copper team. Over the past 18 months, Copper has grown rapidly, now serving over 400 institutional clients.
“We seek to grow our customer base within a regulatory framework that will allow us to grow globally from our London headquarters. With the expertise of Lord Hammond added to the strength of our team, we will continue to grow Copper and the UK. We look forward to further expanding our offering of digital asset technology.”
Copper helps investment firms deal with cryptocurrencies by offering services such as major brokerage, custody and settlement. The startup raised $75 million in June from investors, including the backing of hedge fund manager Alan Howard.
The financial terms of Hammond’s association with Copper were not disclosed.
Lord Hammond left politics in 2019 but was made a life partner a year later. His position at Copper sits alongside another engagement advising startup fintech bank OakNorth. Hammond’s work for Oak North was investigated by the UK lobbying regulator earlier this year after it suggested he was lobbying on OakNorth’s behalf without being properly registered. He was set free from wrongdoings.