Copper Appoints New Chairman Amidst Regulatory Shifts

Crypto custody firm Copper has announced a change in leadership, with former UK Chancellor Philip Hammond stepping down as chairman. Taking over from him is Mike Kuehnel, the former CEO of Flow Traders. This move comes as Copper refocuses its business on the US market and seeks regulatory approval.

The company's decision to shift its attention towards the US follows a failed attempt to obtain UK registration in December 2024. Instead, Copper secured a Swiss license, which has allowed it to operate in the European market. However, its UK operations have posted a significant loss of $40 million in its latest financial report.

Copper is now exploring potential opportunities for an initial public offering (IPO) as part of its growth strategy. The company's management change and regulatory efforts are aimed at strengthening its position in the US market and improving its overall performance.