Philip Hammond, the former Chancellor of the Exchequer, has joined crypto firm Copper.
Lord Hammond of Runnymede will be senior adviser to the London-based provider of digital asset custody and trading infrastructure, providing strategic advice as the company expands globally.
A member of the British Conservative Party and a Life Peer, he served continuously in the UK cabinet from 2010 to 2019 under Prime Ministers David Cameron and Theresa May. He also carried out Foreign Secretary and Defence Secretary roles.
Copper announced the launch of its US East Coast office in August 2021 with plans to launch in Asia already underway following its $75m funding round in June.
It has identified a growing appetite from institutional investors for digital assets.
“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 CEO Dmitry Tokarev.
“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 said: “Copper is a true pioneer of digital asset investment technology, innovating the highest standards of security and trading for financial institutions.
“But the really exciting opportunity lies in the application of this technology to revolutionise the way financial services are delivered.
“If we can bring together the best of Britain – entrepreneurs, industry, government, and regulators – to create and enable a blockchain-based ecosystem for financial services, we will secure the UK’s global leadership in this field for decades ahead.
“I am looking forward to working with Dmitry and the team at Copper as we pursue this ambition to change and grow a new global digital economy, from right here in the centre of London.”