UK digital asset custody and trading startup Copper is ditching its enterprise business and making job cuts as it faces up to the crypto sector's market and regulatory woes.
"Given the present challenging conditions in the digital assets space, an uncertain US regulatory environment and a desire to focus on strategic offerings, Copper is streamlining its business, and as a result has announced a redundancy process," says a statement.
The firm, which is chaired by former chancellor of the exchequer Philip Hammond, says it will focus on developing its core services and is "more confident than ever with regards to its future".
It recently announced new exchanges joining the network, and has experienced significant increases in trading volumes and clients onboarding since the end of 2022.
Dmitry Tokarev, CEO, Copper, says: "We regret that our strategic re-alignment in the current market environment has led to us announcing a redundancy process.
He continues: “Copper remains on course to be the best supplier of digital asset custody and prime services that meet the needs of institutional investors. But 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.”