Former Prime Minister of the UK Treasury, Lord Philip Hammond, has joined the crypto watchdog group Copper as a senior advisor to “make the UK a world leader in digital asset technology”.
The London-based startup, which provides custody and infrastructure services in the digital asset space, is reportedly enabling more than $ 50 billion in transaction value per month for more than 400 client companies.
During his tenure as Prime Minister from 2016 to 2019, Hammond was lauded for growing the country’s fintech sector and promoting a capitalist environment for startups.
Regarding his new role in cryptocurrency, Hammond expressed his vision for an interoperable future for blockchain in the UK:
“If we can bring together the best of the UK – entrepreneurs, industry, government and regulators – to create and enable a blockchain-based financial services ecosystem, we will ensure the UK’s global leadership in this area for decades to come.”
After 22 years as a Conservative MP, Hammond retired from politics in November 2019 after a public mutiny against his parties and Boris Johnson’s handling of political issues.
After Hammond voted against his party to avoid a no-deal Brexit, his powers were stripped from him his whip – a title that designates party members who are responsible for getting legislative votes – and is therefore abolished its Runnymede and Weybridge parliamentary constitution.
Since that incident, Hammond has taken on another advisory role to the Minister of Finance of Saudi Arabia, with whom he has built a positive relationship throughout his career.
Related: Former UK MP Says Central Banks Should Ban Bitcoin
In June this year, Copper benefited from a $ 75 million round of funding, including a $ 12.5 million contribution from UK billionaire hedge fund manager Alan Howard.
Copper CEO Dmitry Tokarev commented on the company’s desire to expand operations from its London headquarters with a newly appointed distinguished political figure:
“As Lord Hammond’s expertise has strengthened our team, we look forward to growing Copper and further enhancing the UK technology offering for digital assets.”
This is not the first time that a British politician has worked in an advisory capacity with a cryptocurrency organization. Cointelegraph reported in October 2018 that Andrew Hammond (unrelated to Philip), a member of the Treasury Select Committee, has joined the IronX cryptocurrency exchange to support evolving regulations.
Similarly, former UK Secretary of State for Health and Social Affairs during the pandemic, Matt Hancock, endorsed blockchain technology during a blockchain conference in London in April 2018, saying that it had a “major impact” on the lives of ordinary people becomes people.