Hammond served as a UK Conservative MP for 22 years. Before being expelled from the organization two years ago due to a Brexit-fueled insurrection.
Lord Philip Hammond, ex-Chancellor of the Exchequer of the UK, has joined crypto custodial firm Copper as a top aide. With the goal of “promoting the UK as a global leader in digital asset technology”.
The London-based start-up, which mainly provides asset custody and infrastructure services, said to handle over $50 billion in transaction value every month for over 400 corporate investors.
Hammond’s vision for the blockchain future
Hammond received praises for developing the nation’s financial technology sector. And promoting a capitalistic atmosphere for start-up enterprises during his tenure as chancellor, which lasted from 2016 to 2019.
In an interview on his new role in crypto, Hammond shared his vision for a blockchain future in the UK that is interoperable:
“We will secure the UK’s worldwide leadership in this field for decades if we can bring together the finest of Britain – entrepreneurs, business, government, and regulators. In order to establish and enable a blockchain-based ecosystem for financial services.”
Facing a popular revolt over his parties’ and Boris Johnson’s conduct of Brexit negotiations, Hammond left from politics in November 2019. After a 22-year stint as a Conservative Member of Parliament, or MP.
Besides, Hammond was removed from his whip. Which is a term that identifies members of the party to be accountable for imposing legislative votes. And therefore surrendered his parliamentary constitution of Runnymede and Weybridge after voting against his party in an effort to avert a no-deal Brexit.
Since the fallout, Hammond has taken on another advising post for Saudi Arabia’s Finance Minister. With whom he has enjoyed good contacts throughout his career.
Politicians start joining the crypto world
Copper received a $75M investment round in June of this year. Which included a $12.5M donation from British billionaire hedge fund manager Alan Howard.
With the addition of their newly recruited esteemed political figure, Copper’s chief executive, Dmitry Tokarev, commented on the company’s aim to grow their operations from their headquarters in London:
“We look forward to developing Copper and further enhancing the UK’s digital asset technology. Offering with Lord Hammond’s expertise adding to the quality of our team.”
That’s not the first time a British politician has worked as an advisor for a cryptocurrency company. Andrew Hammond (no connection to Philip) joined crypto exchange IronX to help regulatory changes, according to reports from October 2018.
In a similar vein, Matt Hancock, the former UK Secretary of State for Health and Social Care during the pandemic, backed blockchain technology in April 2018 at the London Blockchain Conference. Stating that it will have “major factors for the growth” on regular people’s lives.