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Hammond was a Conservative MP in the United Kingdom for 22 years until a Brexit-fueled uprising forced him and others out of the party two years ago.
Former Chancellor of the Exchequer in the United Kingdom, Lord Philip Hammond, has joined cryptocurrency custodial group Copper as a senior advisor with the ambition of “promoting the UK as a global leader in digital asset technology.”
The London start-up firm, which provides custodial and infrastructure services in the digital asset sector, reportedly facilitates over $50 billion in transaction value per month for in excess of 400 institutional clients.
During his administration as chancellor between 2016 and 2019, Hammond was commended for expanding the nation’s financial technology sector as well as fostering a capitalistic environment for start-up businesses.
Speaking on his new role in crypto, Hammond expressed his vision for an interoperable future of blockchain in Britain:
“If we can bring together the best of Britain — entrepreneurs, industry, government, and regulators — to create and enable a blockchain-based ecosystem for financial services, we will secure the UK’s global leadership in this field for decades ahead.”
After a 22-year tenure as a Conservative Member of Parliament, or MP, Hammond retired from the political landscape in November 2019 following a public mutiny over his and Boris Johnson’s party’s handling of Brexit negotiations.
After voting against his party to avoid a no-deal Brexit, Hammond was stripped of his whip — a title that designates members of the party responsible for enforcing legislative votes — and thus stood down and did not run for re-election in his Runnymede and Weybridge constituency.
Since the fallout, Hammond has taken on another advisory role for Saudi Arabia’s Finance Minister, with whom he has had positive relations throughout his career.
Copper received a $75 million funding boost in June of this year, including a $12.5 million contribution from British billionaire hedge fund manager Alan Howard.
Chief executive of Copper, Dmitry Tokarev, commented on the company’s desire to expand their operations from their headquarters in London with the addition of their newly appointed esteemed political figure:
“With Lord Hammond’s expertise adding to the strength of our team, we look forward to growing Copper and further enhancing the UK’s digital asset technology offering.”
This isn’t the first time a British politician has acted as an advisor to a cryptocurrency entity. As previously reported, Andrew Hammond (no relation to Philip), a member of the Treasury Select Committee, joined crypto exchange IronX in October 2018 to support regulatory developments.
Similarly, during the pandemic, the former U.K. Secretary of State for Health and Social Care, Matt Hancock, endorsed blockchain technology at a London Blockchain Conference in April 2018, stating that it will have a “monumental impact” on the lives of ordinary people.