Crypto Firm Copper Hires Former Goldman Sachs Exec as CEO to Lead Strategic Revamp

Crypto custodian Copper has appointed Amar Kuchinad, a former managing director at Goldman Sachs, as its new group CEO, replacing Dmitry Tokarev. The company aims to attract more traditional financial firms and expand into the US market.

Kuchinad will focus on growing Copper’s US presence while leveraging recent regulatory advancements in Hong Kong and Abu Dhabi, the firm said in a statement Monday.

Meanwhile, Tokarev has stepped down from his CEO role after seven years. He will remain influential as founder director on the board and a key strategic shareholder.

We are thrilled to announce the appointment of Amar Kuchinad as the new Global CEO of Copper, taking over from Copper’s founder Dmitry Tokarev.

Over the past seven years, @tokarev_d has not only built Copper from the ground up but has also set a high standard for innovation in… pic.twitter.com/iEbbWMQ2zu

— Copper.co (@CopperHQ) October 14, 2024

Amar Kuchinad Brings Goldman and SEC Expertise to Copper

He began his career at Credit Suisse. Later, he became Managing Director at Goldman Sachs, where he led the US Portfolio Credit Trading division. He then served as Senior Policy Advisor at the US SEC. Afterward, he founded Electronifie to modernize bond trading through digital and systemic innovations.

“We covered all bases to find the right candidate for this vitally important role and I know that that Amar is ideally placed to ensure Copper’s continued long-term success,” Tokarev said.

Copper Targets TradFi Sector as Interest in Blockchain Rises

Copper focuses on delivering secure infrastructure solutions tailored for digital asset trading and custody in the blockchain sector. Its primary strength is developing a platform that facilitates the secure storage, trading and management of digital assets.

Copper is positioning itself as a key partner for traditional financial institutions exploring blockchain technology.

While the sector has been slow to embrace rapid change, interest in blockchain is growing due to its potential to improve trade settlement, reduce costs, and enhance security through immutable records. A previous licensing deal with State Street was terminated in March last year.