NOTE: This article has been updated with a correction on funds raised in funding round.
Crypto custodian Copper has appointed Amar Kuchinad, a former Goldman Sachs managing director, as its new Chief Executive Officer.
Kuchinad will take over from Dmitry Tokarev, who held the position for the past seven years. While stepping down from day-to-day operations, Tokarev will remain involved as Copper’s founding director and a shareholder.
What he brings
Kuchinad’s background brings a lot to Copper. He worked at Goldman Sachs from 2005 to 2012, heading the US portfolio credit trading division.
Afterward, he moved on to serve as a senior policy adviser at the Securities and Exchange Commission (SEC) between 2012 and 2013.
The company’s chairman is Lord Philip Hammond, a former Conservative Chancellor. Copper also drew attention in 2021 when British hedge fund billionaire Alan Howard backed its $25 million Series B funding round, adding to the already established $50 million investment.
Despite its growth, Copper has faced challenges in the crypto industry. The company hit headlines earlier this year for a controversial party where sushi was served on models.
On top of this, the collapse of crypto markets in late 2022 led Copper to quietly axe jobs and cancel overseas business trips.
Notably, it has also seen many key executives leave over the past year. This includes Chief Operating Officer Sabrina Wilson and the head of public affairs, Eva Gustavsson.
Another blow came when the company ended its partnership with State Street in March 2023. Copper’s goal is to penetrate the U.S. institutional market.
The company is targeting hedge funds, family offices, and large asset managers. It has been actively pursuing partnerships with major financial institutions to integrate crypto services into their existing offerings.
Copper’s ClearLoop platform has been a cornerstone of its success, providing off-exchange settlement capabilities that reduce counterparty risk—a key concern for institutional investors.
Right now, the company claims that ClearLoop processes 20 million trades per month, representing over $100 billion in notional value. Copper’s client base now exceeds 1,000 institutional clients.
Earlier this month, the company closed a $50 million funding round. Copper raised $190 million in a prolonged series C funding round two years ago. Everything bring its total funding to around $300 million since inception.
