former British Chancellor of the Exchequer, Lord Philip Hammond, has joined the Copper cryptocurrency custody group as Lead Advisor, aiming to “promote the UK as a world leader in digital asset technology”.
The London start-up that offers custody and infrastructure services in the field of digital assets, it reportedly enables more than $ 50 billion in transaction value per month for more than 400 institutional clients.
During his tenure as Chancellor from 2016 to 2019, Hammond was lauded for expanding the country’s financial technology sector and promoting a capitalist environment for startups.
Talking about his new role in the crypto space, Hammond expressed his vision for an interoperable future for blockchain in the UK:
“If we can bring together the best of the UK – business, industry, government and regulators – to create and enable a blockchain-based financial services ecosystem, we will ensure the UK’s global leadership in this area for decades.”
After a 22-year tenure as a Conservative MP, Hammond withdrew from the political stage in November 2019 following a public uprising over his parties and Boris Johnson’s handling of the Brexit negotiations.
After Hammond voted against his party in an attempt to avoid a no-deal Brexit, he was stripped of his “whip” – a title that attributes party members responsibility for enforcing parliamentary votes – and therefore renounced his Runnymede and Weybridge parliamentary constitution.
From this event Hammond has taken on a further advisory role to the Saudi Arabian finance minister.with whom he has developed positive relationships over the course of his career.
In June of that year, Copper benefited from a $ 75 million raise in funding that included a $ 12.5 million contribution from billionaire British hedge fund manager Alan Howard.
The CEO of Kupfer, Dmitry TokarevCommenting on the company’s desire to expand its operations from its London headquarters by incorporating its newly appointed political figure:
“With Lord Hammond’s expertise joining our team, we look forward to growing Copper and further enhancing the UK’s digital asset technology offering.”
It’s not the first time a British politician has joined a cryptocurrency company in an advisory capacity. Cointelegraph reported in October 2018 that Andrew Hammond (not related to Philip), a member of the Treasury Select Committee, has joined the IronX crypto exchange to aid regulatory developments.
Likewise, the former British Secretary of State for Health and Social Affairs during the pandemic, Matt Hancock, supported blockchain technology during a blockchain conference in London in April 2018that it will have a “monumental impact” on ordinary people’s lives.