• Copper $50 billion in transaction value per month for its 400 institutional clients
• Lord Philp Hammond expressed his vision for an interoperable future of blockchain in Britain

Lord Phillip Hammond, former Chancellor of UK has been roped in by the crypto firm Copper as a senior advisor.  Hammond has been assigned the task of promoting the UK as a global leader in virtual asset technology. 

The London-based startup facilitates more than $50 billion in transaction value per month for its 400 institutional clients. 

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Hammond, who served the office between 2016 and 2019, was often appreciated for his work as a Chancellor for contributing to expanding the nation’s financial technology sector. He also promoted startups and fostered a capitalistic environment for startup businesses. The former chancellor, who was said to be one of the wealthiest ever cabinet ministers with a fortune once estimated at £8.2m, has taken up as many as 14 paid and unpaid jobs since leaving politics after a bust-up with Boris Johnson over Brexit.

Hammond aims to bring all on one page 

All excited to be a part of Copper, Hammond expressed his vision for an interoperable future of blockchain in Britain. He said if the country’s best entrepreneurs, industry, government and regulators come together to create and enable a blockchain ecosystem for financial services, it will secure the UK’s global leadership in this field for decades ahead. 

After this, Hammond moved to another advisory role to the Finance Minister of Saudi Arabia. He has developed a very positive relationship with him. 

Expansion on mind

Copper in June has gained $75 million from the funding along with $12.5 million contributions from British billionaire hedge fund manager Alan Howard. Dmitry Tokarev, CEO of Copper is looking to expand the company’s operations from London to other countries. This will be now possible with the addition of a political figure in the company’s portfolio.

This is not the first time that any British politician has changed career and joined forces with a cryptocurrency entity in an advisory role. In 2018, Andrew Hammond, another politician of the Treasury Select Committee joined crypto exchange IronX to support regulatory developments. 

Similarly Matt Hancock, former UK Secretary of State for Health and Social Care had endorsed blockchain technology during a London Blockchain Conference in 2018.