Former UK Chancellor of the Exchequer, Lord Philip Hammond, has joined the Copper cryptocurrency custody group as Senior Advisor with the aim of “promoting the UK as a world leader in digital asset technology”.
The London-based start-up, which provides custody and infrastructure services in the digital asset space, reportedly enables more than $ 50 billion in transaction values a month for more than 400 institutional clients.
During his tenure as Chancellor between 2016 and 2019, Hammond was lauded for growing the country’s financial technology sector and promoting a capitalist environment for startups.
Regarding his new role in cryptocurrency, Hammond expressed his vision for an interoperable future for blockchain in the UK:
“If we can bring together the best of the UK – entrepreneurs, industry, government and regulators – to create and enable a blockchain-based financial services ecosystem, we will secure the UK’s global leadership in this area for decades.”
After a 22-year tenure as a Conservative MP, Hammond withdrew from the political landscape in November 2019 after a public mutiny over his parties and Boris Johnson’s handling of the Brexit negotiations.
After Hammond voted against his party to avoid a no-deal Brexit, Hammond was stripped his whip – a title designating members of the party responsible for enforcing legislative votes – and therefore abandoned its Runnymede and Weybridge parliamentary constitution.
Since that fallout, Hammond has taken on another advisory role to the Minister of Finance of Saudi Arabia, with whom he has built positive relationships throughout his career.
Related: Former UK MP Says Central Banks Should Ban Bitcoin
In June of that year, Copper benefited from a $ 75 million raise in funding, which included a $ 12.5 million contribution from UK billionaire hedge fund manager Alan Howard.
Copper CEO Dmitry Tokarev commented on the company’s desire to expand its operations from its London headquarters with a newly appointed distinguished political figure:
“With Lord Hammond’s expertise adding to the strength of our team, we look forward to growing Copper and further enhancing the UK technology offering for digital assets.”
This is not the first time a British politician has worked with a cryptocurrency company in an advisory capacity. Cointelegraph reported in October 2018 that Andrew Hammond (no relationship with Philip), a member of the Treasury Select Committee, has joined the IronX crypto exchange to aid regulatory developments.
In a similar light, former UK Secretary of State for Health and Welfare During the Pandemic Matt Hancock endorsed blockchain technology during a conference at the London Blockchain Conference in April 2018, expressing that it had a “monumental impact” on the lives of . will have common people.