Lord Hammond, the former Chancellor of the chessboard, is preparing to resign as president of Copper, Digital Assets Group, while reorienting its growth plans far from the United Kingdom to the American market.
Sky News has learned that the Copper board of directors is recruiting a successor to Lord Hammond, who was a chancellor during Theresa May’s Premiership.
Sources have indicated that the process was at an advanced stage and should lead to the appointment of an experienced American financing manager before the end of the year.
Lord Hammond, who resumed the presidency of copper at the beginning of 2023, should remain a shareholder of the company after having resigned.
He was previously adviser to his board of directors.
Since departure from the government, he has raised a collection of private sector roles and has now been president of Railsr, an integrated financial company.
An initiate said that he had actively committed to identifying the next president of the company.
COPPER specializes in the provision of digital asset and commercial technologies for customers.
He has Barclays and Alan Howard, the co-founder of Brevan Howard Asset Management, a leading coverage fund, among his investors.
Founded in 2018 and based in London, it employs hundreds of people.
Lord Hammond criticized the pace of regulatory reform in the United Kingdom in the middle of the rapid evolution of the global cryptocurrency and blockchain sectors.
Last December, it appeared that copper had abandoned its second offer to register in the United Kingdom with the Financial Conduct Authority.
The previous year, its president told Financial Times that Great Britain was late in a crucial and rapidly growing part of the financial services sector.
“Switzerland is more in advance; the EU also moves faster,” he told the newspaper.
“There must be an appetite to take measured risks.”
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Copper has not raised an important series of new funding for several years and is not supposed to need to secure additional capital.
The company is now headed by Amar Kuchinad, a former manager of Goldman Sachs, who replaced his founder, Dmitry Tokarev, in the role.
He recently announced the appointment of Rosie Murphy Williams, who previously worked on the London Stock Exchange and the Royal Bank of Scotland, as chief of the farm.
Earlier this year, he said he had agreed with an alliance with the new Bitcoin Fitzgerald Bitcoin Bitcoin Company, highlighting the continuous growth of cryptocurrency and businesses that serve them.
Since US President Donald Trump began his second mandate in the White House, an overabundance of digital asset companies rushed to join public procurement, supported by a favorable regulatory climate and growing interest in investors.
On Sunday, Lord Hammond and Copper refused to comment.