In the latest cryptocurrency news update, Lord Philip Hammond will act as senior advisor to the digital asset custodial company Copper.
Hammond’s role as Chancellor
He’s the UK’s ex-Chancellor who is on a mission to promote the country as world leader in cryptocurrency and digital asset technology.
Hammond’s stint as chancellor lasted from 2016 until 2019. During his term in office, he received commendation for expanding the country’s financial technology niche. In addition, Hammond fostered a capitalist ecosystem for new businesses.
For the cryptocurrency system, Hammond wishes for an interoperable system of blockchain in Britain. He endeavors to bring together Britain’s top entrepreneurs, government officials, and industry regulators to set up and run a blockchain-focused financial services system.
After twenty-two years as a Conservative MP, Hammond retired in 2019. His exit resulted from public outcry over how he and Boris Johnson’s party managed Brexit regulations. After the fall out, Hammond did not run office. He was hired as an advisor to Saudi Arabia’s Minister of Finance.
The company is a London-based start-up that offers infrastructure and custodial services in the digital finance sector. On behalf of four hundred institutional clients, the firm handles more than $50 billion in transactions each month. In June, British billionaire Alan Howard made a $12.5 million contribution to Copper’s $75 million fundraising efforts.
Dmitry Tokarev is the CEO of Copper. He commented that with Hammond’s guidance, the company hoped to enhance the UK’s position as the global leader in fin tech and digital asset offerings