• London-based cryptocurrency custody firm Copper has given up its enterprise business.
• This decision was made to focus more on the Clear Loop custody and settlement business.
• There will be some job losses within Copper’s enterprise division.
Copper Shelves Enterprise Business
London-based cryptocurrency custody firm Copper has decided to give up its enterprise business in order to focus more on its Clear Loop custody and settlement business, resulting in some job losses within the company’s enterprise division.
Reason Behind Decision
Copper made this decision due to the present challenging conditions in the digital assets space, an uncertain US regulatory environment, as well as a desire to focus on strategic offerings.
Background Information
Copper’s enterprise division was focused on securing digital asset custody and infrastructure solutions for banks and funds. It is one of the leading crypto custody providers, securing billions of dollars in digital assets using multi-party computation (MPC). They have also been working with well-known firms such as State Street.
Security Issue Raised In December 2020
In December 2020, Copper was alerted to a security issue involving their GitHub repository which contained a blueprint for how they secure customers’ assets. The entire code base was made vulnerable and downloaded at that time.
Conclusion
To conclude, Copper has decided to give up its enterprise business in order to focus more on its Clear Loop custody and settlement business, resulting in some job losses within the company’s enterprise division due to present challenging conditions in the digital assets space and an uncertain US regulatory environment.