Former Chancellor of the Exchequer, Lord Philip Hammond of Runnymede has joined the London-based digital asset custodial service provider, Copper, as its Senior Advisor.
According to an announcement from Copper, Lord Hammond’s appointment takes effect immediately and the government veteran will help the company provide all necessary valuable advice and suggestions on issues seeking to expand into the eastern United States and Asia.
Backed by steady growth in the past 18 months, Copper has recently acquired $75 million funding from private investors. Copper looks to broaden its reach in a bid to tap into the institutional frenzy for cryptocurrencies.
“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,” said Dmitry Tokarev, Chief Executive Officer, Copper, “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’s experience was most expressed in the UK government as he served under Prime Ministers David Cameron and Theresa May. He served as chancellor of the Exchequer from 2016 to 2019, Foreign Secretary from 2014 to 2016, and Defence Secretary from 2011 to 2014. During his tenure in these government positions, he understands trends and the impact of regulations, all of which will be contributed to Copper as a Senior Adviser.
The move to appoint former top government officials into crypto firms’ advisory boards is becoming common today. Earlier, Blockchain.News reported that Jay Clayton, the former US Securities and Exchange Commission (SEC) boss under President Donald Trump was appointed as one of the advisors to One River Digital Asset Management firm back in March.
More appointments like this may be seen in the near future as cryptocurrency firms look to navigate the yet-to-be-friendly regulatory terrain in major crypto hotspots.