Philip Hammond in the money as crypto firm he advises eyes $3bn valuation

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former chancellor Philip Hammond He may be about to see his net worth boom as a crypto company he supports closes in on $3 billion Evaluation,

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Businesshala reported that Londonbased Copper is in talks to raise $500 million at a valuation of $3 billion. Tiger Global, softbank and venture fund Accel is said to be involved in the talks.

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Hammond joined Copper as a senior advisor last month, and Standard knows the former chancellor took an equity stake in it. Business as part of the deal. The exact size and price at which the equity was granted is not known.

A spokesman for Copper declined to comment on the Businesshala report and the terms of Hammond’s engagement. Lord Hammond of Runmead has been contacted for comment.

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Runmead’s Lord Hammond joined Copper last month as a senior advisor, providing strategic advice on the company’s global expansion. Copper, founded in 2018, recently opened an office in the US and expects to expand to Asia.

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.

Announcing Hammond’s appointment in October, Copper said: “With the expertise of Lord Hammond adding to the strength of our team, we look forward to growing Copper and further expanding the UK’s digital asset technology offering. “

Hammond called the company a “true pioneer” and said there was an “exciting opportunity” to adapt the technology for mainstream financial services.

Hammond was chancellor from 2016 to 2019 but left politics in the same year. He was made a life partner in 2020. His position at Copper sits alongside another engagement advising startup fintech bank OakNorth. Hammond’s work for Oak North was investigated by the UK’s lobbying regulator earlier this year, after it suggested he was lobbying on OakNorth’s behalf without being properly registered. He was set free from wrongdoing.

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