• A former British chancellor has landed a job in the cryptocurrency industry

  • Phillip Hammond, the former British chancellor and foreign secretary, has joined cryptocurrency trading firm Copper.co as an advisor. Lord Hammond is a supporter of Bitcoin and cryptocurrencies, and he will advocate for Copper as well as UK leadership in the private digital asset sector.

    Former British Prime Minister Gordon Brown will serve as an advisor to Copper, a cryptocurrency trading company founded in 2018. The company recently announced plans to expand into the United States and Asia. It also received $75 million in funding from Alan Howard, a British hedge fund manager, and two venture capital firms.

    Copper, according to Hammond, is a “true pioneer” of crypto and digital asset investment technology.

    “The truly exciting opportunity lies in the application of this technology to revolutionize the delivery of financial services.” If we can bring together the best of British talent – entrepreneurs, industry, government, and regulators – to build and operate a blockchain-based ecosystem for financial services, we will secure the UK’s global leadership in this field for decades to come.”

    Dmitry Tokarev, Copper’s CEO, spoke about his company’s acquisition of Lord Hammond’s services:

    “We want to expand our client base while operating within a regulatory framework that will allow us to thrive globally from our London headquarters.” With Lord Hammond’s expertise bolstering our team, we look forward to expanding Copper and further improving the UK’s digital asset technology offering.”

    In the current distrust-filled, anti-crypto environment of governments, central banks, and regulators, having such an important luminary from the fiat monetary system who has such a thorough understanding of the potential for cryptocurrency assets is rather unusual.

    During his tenure as chancellor, Hammond advocated for “light touch” regulation of cryptocurrencies. He stated that the Bank of England was leading other central banks in investigating the potential of bitcoin. He was always adamant that cryptocurrencies should not be over-regulated, as this would stymie the technical advancement of blockchain technology.

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