(Bloomberg) -- Philip Hammond, the UK’s former chancellor of the exchequer, was appointed chairman of crypto custodian Copper Technologies Ltd.

Hammond, who had been a senior adviser to the London-based firm since 2021, starts in the role with immediate effect, Copper said in a statement Thursday. He led the UK’s Treasury in the three years after the country’s 2016 referendum to exit the European Union, and was elevated to the House of Lords in 2020.

Founded in 2018, Copper offers crypto custody and trading services to institutional clients including State Street Digital, Nickel Digital and Fasanara Capital. One of the UK’s most prominent crypto firms, it has more than 300 employees.

Hammond has been a vocal proponent of crypto-friendly regulations since he joined Copper, even as a series of industry scandals made governments around the world more suspicious of digital assets. Copper is seeking to complete a funding round that’s already raised $196 million, although has been delayed by last year’s crypto market rout. 

“Recent security and regulatory challenges affecting the digital asset sector have only served to emphasize the need for safe, well-regulated trading infrastructure,” said Hammond in a statement on his appointment.

The Financial Times earlier reported on Hammond’s appointment. 

• Read: UK Has ‘Missed A Trick’ on Crypto, Minister-Turned-Adviser Says

Copper earlier applied for permission to operate in the UK under the Financial Conduct Authority’s anti-money laundering standards. After gaining an extension to its application from the regulator in March last year, it ultimately withdrew after securing approvals in Switzerland a month later. 

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