Crypto Custody Firm Copper Shelves Enterprise Business: Source

Focusing on Copper’s Clear Loop custody and settlement business made more economic sense going forward.

AccessTimeIconMar 16, 2023 at 3:25 p.m. UTC
Updated May 9, 2023 at 4:10 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

London-based cryptocurrency custody firm Copper has given up its enterprise business, a software and infrastructure development side of the firm, a source close to the company told CoinDesk. The news was later confirmed in a post from the company.

The reasoning was that focusing on Copper’s Clear Loop custody and settlement business made more economic sense going forward.

Copper's enterprise division was focused on securing digital asset custody and infrastructure solutions for banks and funds. There will be some job losses on Copper's enterprise business, but it's too early to say how many people will be affected, according to the source.

"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," Copper said in a statement.

Copper was alerted to a security issue in December of last year involving the company’s GitHub repository, which contains a blueprint for how the firm secures customers’ assets. At the time, a source told CoinDesk the firm’s “entire code base was made vulnerable and downloaded.”

Copper, whose chairman is former U.K. Chancellor of the Exchequer Philip Hammond, is one of the leading crypto custody providers, securing billions of dollars in digital assets using clever key sharding technology called multi-party computation (MPC), and working with well-known firms such as State Street.

State Street did not immediately return requests for comment.

Will Canny contributed reporting.

UPDATE (March 15, 16:03 UTC): Updated to include confirmation from the company and quote from its post.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Ian Allison

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.