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Copper to Lay Off Up to 15% of Staff, Focus on Crypto Custody, Settlement
Summary
Copper, a cryptocurrency custody provider, announced that up to 15% of its staff would be laid off in order to streamline its business due to the tough market conditions affecting the crypto industry. The company is focusing on its “off-exchange” ClearLoop settlement network, which is used by over 400 clients. This network removes the need to deposit and leave digital assets on an exchange ahead of trading. Copper is also in the process of trying to find additional funding, and the CEO predicts that ClearLoop will offer its institutional clients access to 50% of total crypto market liquidity by the end of this year.
Q&As
What percentage of staff is Copper laying off?
Copper is laying off up to 15% of its staff.
What is Copper's focus as it streamlines its business?
Copper is focusing on its “off-exchange” ClearLoop settlement network.
What is Copper's ClearLoop settlement network used for?
Copper's ClearLoop settlement network is used to remove the need to deposit and leave digital assets on an exchange ahead of trading.
What is Copper's CEO Dmitry Tokarev predicting for the ClearLoop network?
Copper CEO Dmitry Tokarev is predicting that ClearLoop will offer Copper’s institutional clients access to about 30% of total crypto market liquidity by the end of this quarter, and 50% by year end.
What is the status of Copper's search for additional funding?
Copper is in the process of trying to find additional funding and there will be a funding announcement in due course.
AI Comments
👍 It is admirable that Copper is prioritizing scalability in their business and focusing on their ClearLoop settlement network which has already become popular with over 400 clients.
👎 It is unfortunate that Copper has to scale back operations and lay off employees due to the crypto bear market.
AI Discussion
Me: It's about Copper laying off up to 15% of their staff to focus on crypto custody and settlement services. It's a sign of the tough market conditions affecting the crypto industry and many firms are having to scale back operations due to the crypto bear market.
Friend: Wow, that's really sad. It must be difficult for those employees who are losing their jobs.
Me: Absolutely. It's a tough situation for everyone involved. It's a reminder that the crypto market can be volatile, and we have to be prepared for these kinds of shifts.
Action items
- Research other crypto custody providers to understand the competitive landscape.
- Follow Copper's CEO Dmitry Tokarev on social media to stay up to date on the company's progress.
- Reach out to Copper's clients to understand their experience with the ClearLoop settlement network.
Technical terms
- Crypto Custody
- A service that provides secure storage of digital assets, such as cryptocurrencies.
- Settlement
- The process of completing a financial transaction, such as a trade or payment.
- Crypto Bear Market
- A period of time when the prices of cryptocurrencies are falling.
- ClearLoop Settlement Network
- A network that removes the need to deposit and leave digital assets on an exchange ahead of trading.
- FTX
- A cryptocurrency derivatives exchange.
- Segregated Trust
- A trust that holds assets separately from the trustor’s other assets.
- CoinDesk
- A media outlet that provides news and information on cryptocurrency, digital assets and the future of money.
- Digital Currency Group
- An investment firm that invests in cryptocurrencies and blockchain startups.
- Stock Appreciation Rights
- A type of stock option that allows the holder to receive a payment based on the appreciation of the company’s stock.