Today digital asset custody firm Copper.co announced the appointment of new Global CEO Amar Kuchinad, replacing founder Dmitry Tokarev who is stepping down but remains on the board. Tokarev is still the controlling shareholder of the firm. The news comes shortly after the release of accounts for the 2023 calendar year showing a loss of $61 million, down from $83 million in 2022.
However, the group was in reasonable financial shape with $109 million in cash on the balance sheet at the end of last year, after raising a total of $286 million in funding. Revenues fell from $27.7m in 2022 to $20.6m in 2023.
With the new CEO appointment, Copper.co wants to expand its US and global presence, having recently landed a license in Hong Kong and acquiring Securrency Capital, which has a presence in Abu Dhabi.
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