The CEO of cryptocurrency custody firm Copper, Dmitry Tokarev, plans to step back from the day-to-day running of the firm and to resign as CEO, according to two people familiar with the situation.

The digital assets custodian, which counts the former U.K. Chancellor Philip Hammond as its chairman, is interviewing for a replacement, one of the people said.

Tokarev, who helped found the company in 2018, will still be heavily involved in the business, the person said. He remains a significant shareholder.

"We do not comment on market rumours or speculation," a Copper spokesperson said in emailed comments.

There have been other executive departures of late. Last month, founding partner and chief commercial officer Boris Bohrer-Bilowitzki left to take on the role of CEO at blockchain firm Concordium. Mike Milner, the global head of revenue who had been with the company for five years, also left to join Concordium.

Tokarev has been at the helm of Copper since the institution-focused digital asset storage firm’s inception. He graduated from Imperial College, London with a degree in Risk Management and Financial Engineering.

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