Key Points:
- Copper is restructuring its operations in light of the present adverse circumstances in the digital economy.
- The company will continue to concentrate on growing its core services and is more optimistic about its future than ever before
- The enterprise division will have some job losses, but it is too early to estimate how many.
Copper, a cryptocurrency custody provider, has shut down its enterprise division, which included software and infrastructure development.
Copper highlighted major actions that would help to reorganize the company and concentrate on the performance of its custody and prime services products. According to the company, these moves follow an intensive business evaluation and careful study of broader digital asset market developments and regulatory situations.
Focusing on Copper’s ClearLoop custody and settlement business made more economic sense in the long run.
Copper’s expansion via ClearLoop is accelerating. Copper has announced the addition of additional exchanges to its network, and it has seen substantial gains in trading volumes and customer onboarding since the end of 2022. This, the company’s primary business, is expected to accelerate further.
Dmitry Tokarev, the company’s Chief Executive Officer, stated:
“Copper’s commitment to supply world-class digital asset custody and prime services that meet the needs of institutional investors is stronger than ever. We regret that our strategic re-alignment in the current market environment has led to us announcing a redundancy process.”
Copper’s enterprise segment specializes in digital asset custody and infrastructure solutions for banks and hedge funds. A source close to the company told CoinDesk that there would be some job losses in the enterprise division, but it’s too early to determine how many.
Copper will continue to concentrate on growing its core services and is more optimistic about its future than ever. The company just received a SOC2 Type 2 evaluation, which necessitated a thorough audit of its controls.
In reaction to last year’s FTX storm, the company launched one of the industry’s biggest insurance plans for digital assets housed in cold storage.
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Harold
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