Crypto custodian Copper Technologies Ltd has named Amar Kuchinad as its new CEO. He replaces Founder Dmitry Tokarev who is now about to serve as founder director on Copper’s board. Reportedly this sits seamlessly in the future plans for Copper.
The move aligns with Copper’s vision of pivoting towards securing more traditional financial clients and expanding into the US market. Tokarev explained while emphasizing the importance of working with banks,
We considered the next best person to take this business into the traditional market.
Kuchinad’s Expertise
Amar Kuchinad is a former Goldman Sachs executive. His appointment in Copper signals its focus on traditional finance. Kuchinad’s experience at Pretium Partners and the US Securities and Exchange Commission (SEC) also adds valuable expertise. Copper will rely on this as it targets the US regulated market after the elections.
Competitive Times
This leadership reshuffle comes at a crucial time for Copper while it gets increasingly competitive in crypto space. The company is known to process billions through its ClearLoop platform. It is reportedly facing the challenge of balancing its presence in both crypto and traditional finance.
In July 2024, ClearLoop saw $121.2 billion in trading volume. It was reportedly a substantial increase from earlier months. Copper plans to obtain key licenses in the US to expand operations that include a BitLicense in New York.
Copper’s decision to shift focus is not without its share of challenges. Earlier this year, Copper was linked to the Zimenkov network- a suspected Russian arms-dealing group. In 2021, Copper transferred $4.2 million in digital assets to a wallet tied to Jonatan Zimenkov who is now sanctioned. At the time, Copper claimed full compliance with all legal obligations.
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The scandal raised concerns about transparency in cryptocurrency, though Copper wasn’t accused of wrongdoing. The company has worked hard to meet regulatory standards, which is key as it tries to gain trust from traditional financial firms.
Copper’s path is similar to other crypto firms like Circle Internet Financial. Circle recently hired former CFTC Chairman Heath Tarbert as Chief Legal Officer. Both firms are aiming to connect blockchain with traditional finance.
