In March 2023, cryptocurrency custody and settlement provider Copper announced layoffs affecting up to 15% of its workforce as part of a strategic streamlining amid a severe crypto bear market. The company, which employs approximately 300 people, could not specify an exact number of job cuts as the process was just beginning. This restructuring follows Copper's decision to shelve its enterprise software business, including ending its partnership with State Street, to concentrate resources on its core "off-exchange" ClearLoop settlement network. CEO Dmitry Tokarev cited the need to prioritize scalable revenue lines and capitalize on rising demand for collateral management solutions following the FTX collapse. The London-based firm, which serves institutional clients and is chaired by former UK Chancellor Philip Hammond, stated it remains in a stable financial position while seeking additional funding.
