The British startup for storing and trading digital assets, Copper, has announced a reduction in the workforce.
This painful decision was made by the company’s management due to problems in the cryptocurrency market and the tendential to increase control in the sphere of industry regulations. The firm also intends to optimize its business.
The company’s official statement says that the negative impact factors that caused painful decisions were the difficult state of affairs in the field of digital assets and uncertainty in the regulatory environment of the United States. This statement also states the firm’s intention to focus the capabilities at its disposal on achieving strategic goals.
The company which is headed by former Chancellor of the Exchequer Philip Hammond will focus on improving the quality of services and expanding its range. The firm’s management also expressed confidence in a successful future, despite the current difficulties.
At the end of last year, the company joined a network of new exchanges. After that, there was a significant increase in trading volumes. The company’s customer base was also actively increasing.
The strategic transformation of the firm in the conditions of unfavorable external economic and legal background forces it to reduce staff and optimize the business to adapt to new realities.
Copper, overcoming difficulties, continues its quest to become the best provider of digital asset storage and prime services that meet the needs of institutional investors. The company perceives the current state of affairs in the field of finance as a signal of the need to transform its business strategy and create conditions for expanding the scope of activities. The firm does not report the desired deadlines for achieving these goals.
As we have reported earlier, Crypto Platform Anchorage Cuts 20% of Workforce.