Copper to lay off nearly 15% of workforce

Copper is set to lay off up to 15% of its workforce as it narrows its focus on digital asset custody and settlement services for institutional clients.

Digital asset infrastructure provider Copper plans to cut up to 15% of its staff as it shifts its focus toward custody and settlement solutions. According to a recent announcement, this strategic move will see the company streamline operations to concentrate on its core offerings.

Copper has been a prominent player in the digital asset space, providing services such as prime brokerage, trading, and asset management. However, the company has decided to hone in on its strengths, which include digital asset custody and settlement solutions for institutional clients.

This reorientation will lead to the elimination of up to 15% of the company’s workforce. Copper’s management has expressed its commitment to supporting affected employees through the transition period, providing them with the necessary resources and assistance to find new opportunities.

The decision to refocus on custody and settlement services comes when the digital asset industry is rapidly growing and evolving. Copper aims to capitalize on this growth by catering to the increasing demand for secure and reliable solutions among institutional investors.

By consolidating its position in the market, Copper intends to fortify its role as a trusted provider of digital asset services for institutions, helping them safely navigate the complex world of cryptocurrencies.

The emphasis on custody and settlement solutions is expected to aid Copper in attracting a wider range of institutional clients and strengthen its relationships with existing customers. Through this strategic shift, the company hopes to solidify its status as a major player in the digital asset landscape.