Former British Chancellor of the Exchequer Lord Philip Hammond has joined a copper custodian group as a senior advisor with the ambition to “promote the UK as a global leader in digital asset technology”.
The London-based startup, which provides storage and infrastructure services to the digital asset sector, is said to provide more than $50 billion in transaction value per month to more than 400 institutional clients.
During his tenure as a consultant from 2016 to 2019, Hammond was praised for expanding the national fintech sector, as well as creating a capital environment for start-ups.
Speaking about his new role in crypto, Hammond expressed his vision for the interoperable future of blockchain in the UK:
“If we can bring together the best of Britons – entrepreneurs, industry, government and regulators – to create and enable a blockchain-based financial services ecosystem, we will provide the UK with global leadership in this field for decades to come.”
After a 22-year stint as a Conservative MP, Hammond pulled out of the political scene in November 2019 following public outrage at the way his party and Boris Johnson’s had negotiated Brexit.
After voting against his party in an effort to avoid a no-deal Brexit, Hammond was denied the whip – a title denoting party members responsible for legal compliance – and thus declined to participate and did not run for re-election. In his constituency Runnymede and Weybridge.
Hammond then became an advisor to the Saudi Finance Minister, with whom he developed a good relationship throughout his career.
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Copper received $75 million in funding in June, including a $12.5 million contribution from British billionaire hedge fund manager Alan Howard.
Copper Corporation President Dmitry Tokarev commented on the company’s desire to expand from its London headquarters, adding a respected newly appointed politician:
“With the expertise of Lord Hammond, who strengthens our team, we look forward to the growth of copper production and further expansion of the digital asset technology offered in the UK.”
This is not the first time a British politician has joined a cryptocurrency organization as an advisor. In October 2018, Cointelegraph reported that Andrew Hammond (not affiliated with Philip), a member of the Treasury Ad Hoc Committee, had joined crypto exchange IronX to support the regulatory change.
Along the same lines, the former British Minister of State for Health and Social Affairs during the pandemic, Matt Hancock, approved blockchain technology during the London Blockchain Conference in April 2018, stating that it would have a “huge impact” on the lives of ordinary people. Persons. human beings.