London Crypto Custodian Onboards Former Bank of America Executives

Cooper Technologies will have a team of executives from Bank of America to manage a development unit. Cooper Technologies wants to create prime brokerage platforms that focus on digital assets and cites increased demand from institutional investors.

As reported by Bloomberg, the London-based digital asset custodian hired the former BofA executives to meet the growing demand from institutional investors and banks for “more direct access to cryptocurrencies.”Michael Roberts, who joined immediately from the bank, will spearhead the new unit. Dmitry Tokarev, Copper CEO, stated that the company is looking to fix a problem facing prime brokerages. They must first purchase cryptocurrency on an exchange to be able to trade. Copper’s ClearLoop network was launched two years ago. He also spoke out about the huge growth of cryptocurrency.

“There isn’t a single sell-side organization on the planet or in the top 20 that doesn’t work on digital assets.”

The Bank of America changed its stance after years of neglecting or bashing the sector. Recent research by the Bank of America has shown that digital assets may outperform stocks and bonds in a recession.
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