UK’s Ex-Chancellor Philip Hammond to advise crypto agency Copper
Former Chancellor of the Exchequer within the United Kingdom, Lord Philip Hammond, has joined cryptocurrency custodial group Copper as a senior advisor with the ambition of “promoting the UK as a Global leader in digital asset technology.”
The London start-up agency, which offers custodial and infrastructure companies within the digital asset sector, reportedly facilitates over $50 billion in transaction worth monthly for in extra of 400 institutional purchasers.
During his administration as chancellor between 2016 and 2019, Hammond was recommended for increasing the nation’s monetary expertise sector, in addition to fostering a capitalistic surroundings for start-up companies.
Speaking on his new function in crypto, Hammond expressed his imaginative and prescient for an interoperable way forward for blockchain in Britain:
“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.”
After a 22-year tenure as a Conservative Member of Parliament, or MP, Hammond retired from the political panorama in November 2019 following a public mutiny over his events, and Boris Johnson’s dealing with of Brexit negotiations.
After voting towards his occasion throughout in a bid to keep away from a no-deal Brexit, Hammond was stripped of his whip — a title that designates members of the occasion to be chargeable for implementing legislative votes — and due to this fact, relinquished his parliamentary structure of Runnymede and Weybridge.
Since this fallout, Hammond has taken up one other advisory function to the Finance Minister of Saudi Arabia, with whom he has established constructive relations with throughout his profession.
Related: Former British MP says central banks ought to ban Bitcoin
In June of this 12 months, Copper benefited from a $75 million funding elevate which included a $12.5 million contribution from British billionaire hedge fund supervisor Alan Howard.
Chief government of Copper, Dmitry Tokarev, commented on the corporate’s want to increase their operations from their headquarters in London with the addition of their newly appointed esteemed political determine:
“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.”
This isn’t the first time a British politician has joined forces with a cryptocurrency entity in an advisory role. Cointelegraph reported in October 2018 that Andrew Hammond (no relation to Philip), a member of the Treasury Select Committee, joined crypto exchange IronX to support regulatory developments.
In a similar light, the former UK Secretary of State for Health and Social Care during the pandemic, Matt Hancock, endorsed blockchain technology during a London Blockchain Conference conference in April 2018, expressing that it will have a “monumental impact” on the lives of ordinary people.