London-based cryptocurrency custody firm Copper has given up its enterprise business, a software and infrastructure development side of the firm.
The reasoning was that Copper’s Clear Loop custody and settlement business made more economic sense going forward, a source close to the company told CoinDesk.
Copper's enterprise division was focused on securing digital asset custody and infrastructure solutions for banks and funds. There will be some job losses on Copper's enterprise business, but it's too early to say how many people will be affected, according to the source.
Copper was alerted to a security issue in December of last year involving the company’s GitHub repository, which contains a blueprint for how the firm secures customers’ assets. At the time, a source told CoinDesk the firm’s “entire code base was made vulnerable and downloaded.”
Copper, whose chairman is former U.K. Chancellor of the Exchequer Philip Hammond, is one of the leading crypto custody providers, securing billions of dollars in digital assets using clever key sharding technology called multi-party computation (MPC), and working with well-known firms such as State Street.
State Street did not immediately return requests for comment.
Will Canny contributed reporting.
