5 days ago 1 min read

Copper Suspends Commercial Operations To Concentrate Success Of Custody


The enterprise branch of Copper, a company that provided cryptocurrency custody services and developed software and infrastructure, has been shut down.

Copper emphasized important steps that would aid in the company's reorganization and focus on the effectiveness of its custody and prime services offerings. The company claims that these actions come after a thorough analysis of the company's operations and of the developments and regulatory frameworks affecting the larger market for digital assets.

The decision to concentrate on Copper's ClearLoop custody and settlement operations was more profitable in the long run.

The growth of Copper through ClearLoop is quickening. Since the end of 2022, Copper has had significant increases in trading volumes and customer onboarding, and it has announced the launch of more exchanges to its network. The company's main line of business is anticipated to grow even faster.

The business's Chief Executive Officer, Dmitry Tokarev, said:

"Copper’s commitment to supply world-class digital asset custody and prime services that meet the needs of institutional investors is stronger than ever. We regret that our strategic re-alignment in the current market environment has led to us announcing a redundancy process.”

The enterprise division of Copper focuses on infrastructure and custody services for banks and hedge funds. It's too soon to say how many jobs will be lost in the enterprise segment.

Copper is more confident than ever about its future and will keep focusing on expanding its core offerings. The organization just underwent a SOC2 Type 2 examination, which required a comprehensive audit of its controls.

In response to the FTX storm from the previous year, the firm introduced one of the largest insurance programs in the market for digital assets kept in cold storage.

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