Copper Technologies, a London-based cryptocurrency firm, announced on Monday that it was employing executives from The Bank of America to pilot its crypto brokerage services. The firm indicated a growing demand from institutional investors and also banks for crypto services such as prime brokerage, settlements in the UK, and custody.
A number of crypto companies, as well as Copper, recently received a temporary license from the Financial Conduct Authority (FCA) to keep their operations in the United Kingdom running. Nonetheless, they are faced with obstacles to convincing the regulator to provide them with a permanent license, despite the FCA’s negativity towards cryptocurrency.
Copper has already put in place an extension to Switzerland to keep on serving its UK customers, even if it fails in its bid to get a full registration from the FCA.
Five experts from Bank of America (BofA) were employed by the crypto custodian Copper, to oversee the prime brokerage unit giving crypto exposure to institutional investors, this was reported by Bloomberg on the 11th of April.
The brokerage unit will be headed by Micheal Roberts, who was formerly the head of BofA’s prime brokerage program for the region of MENA and Europe. The other people involved in this unit are other four executives, they are, BofA directors Adam Groom and Paul Barham,and managers Ben Carr and Ross Budgen.
Dmitry Tokarev, the Chief Executive Officer of Copper told Bloomberg:
“Copper’s infrastructure for prime brokerages will allow them to further move the trading process away from exchanges to make sure that a true prime brokerage offering can be enabled in this space.”