Crypto Custodian Copper Poised to Cut Up to 15% of Workforce

Crypto custodian Copper Technologies Ltd. will cut as much as 15% of its workforce as part of a previously announced restructuring, a spokesperson for the company said on Wednesday.

The London-based firm, which has approximately 300 employees, is shifting its business model away from providing crypto solutions for other enterprises, after State Street Corp. said it would end its partnership with Copper earlier this month. The firm will instead focus on other parts of its business, the spokesperson said, including custody, prime services and developing its off-platform trading and settlement network.

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