Former chancellor Hammond appointed adviser to Copper, Mayfair-based crypto platform

Lord Philip Hammond, formerly with the Treasury, joined the crypto firm despite criticism from Westminster lobbying regulator. This is the latest in a series of jobs he has taken on since leaving the Treasury two years ago. His employment has taken effect.

Hammond accused of using government connections against rules

Lord Hammond, an early supporter of crypto, was thought to be one of the wealthiest ever cabinet ministers. His fortune has been estimated at £8.2 million. Last month, Hammond was criticized by Westminster’s lobbying regulator for using his government connections to help a bank, which he advises.

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Hammond contacted a high-standing official with the Treasury about a project developed by OakNorth, the bank in question. This invoked the wrath of Lord Eric Pickles, a former cabinet colleague who chairs the Advisory Committee on Business Appointments (Acoba).

Lord Pickles termed Hammond’s use of his contacts ‘inconsistent’ with rules. Ultimately, Hammond was found not guilty of breaching lobbying rules following an investigation by an independent authority.

Hammond calls Copper a “true pioneer” of investment technology related to crypto and digital assets:

The really exciting opportunity lies in the application of this technology to revolutionise the way financial services are delivered. 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.

Copper secures $75M from British billionaire Alan Howard and VC firms

Copper, founded as recently as 2018, announced plans to expand into Asia and the US. The company obtained an investment of $75 million (£55 million) from hedge fund manager Alan Howard and two VC firms, Dawn Capital and Target Global. According to a statement from Copper, Hammond will be tasked with promoting the UK as a world digital asset technology leader.

Copper CEO Dmitry Tokarev said:

We would like to drive growth in our client base within a regulatory framework which will allow us to thrive globally from our London headquarters. 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.