Copper.co announces job cuts amid “strategic realignment”
Digital asset infrastructure firm Copper.co is set to embark on a round of job cuts as it grapples with challenging conditions in the digital asset space and an “uncertain US regulatory environment”.
Copper to initiate redundancy process
Copper intends to undergo a “strategic realignment” to focus on its custody and prime services solutions, and as part of this will initiate a redundancy process as it looks to “streamline” its business. The number of employees set to be affected has not been disclosed.
Copper CEO Dmitry Tokarev says: “We regret that our strategic realignment in the current market environment has led to us announcing a redundancy process.
“I wish to place on record my thanks for the hard work and talent of the team and we will work closely with those affected to support them.”
The company claims it has seen “significant increases” in trading volumes and new clients since the end of last year and is anticipating “further acceleration”.
The business recently obtained a SOC2 Type 2 assessment which required an extensive and deep examination of its controls, which is “rare” in the digital assets space, Copper adds.
Tokarev says that “now marks the time to re-evaluate our business strategy and redouble our efforts on further growing the areas where we can build maximum success to transform existing financial infrastructure”.
In January, Copper appointed former UK chancellor Philip Hammond as chair.
