Amar Kuchinad, who has served as chief executive officer of Copper—a leading provider of secure cryptocurrency custody and settlement services—has announced his departure from the firm, sources familiar with the situation confirmed. Kuchinad, who took the helm of the company in early 2024, has been instrumental in guiding Copper through a period of rapid growth, regulatory scrutiny, and strategic repositioning.
His exit comes at a pivotal moment for the business, as it continues its search for a new owner, a process that has now entered its fourth month of active negotiation and market outreach. Copper, founded in 2018 and headquartered in London, has built a reputation for offering institutional-grade custodial solutions that combine cutting‑edge multi‑party computation (MPC) technology with robust compliance frameworks. Under Kuchinad’s leadership, the firm expanded its client base to include major hedge funds, asset managers, and sovereign wealth funds seeking secure on‑chain asset storage. The company also rolled out a suite of new products, such as instant settlement bridges and cross‑chain liquidity services, positioning itself as a one‑stop shop for digital asset custodianship.
Industry insiders note that Kuchinad’s tenure coincided with a broader wave of consolidation in the crypto‑infrastructure sector. Several high‑profile acquisitions and strategic partnerships have reshaped the landscape, prompting Copper’s board to explore a sale that could unlock additional capital, broaden market reach, and accelerate product development.
The search for a buyer began in early 2024, and after an initial period of quiet outreach, the process gained momentum in the spring, with a shortlist of potential strategic investors and private‑equity firms emerging by mid‑year. According to the two sources who spoke on condition of anonymity, Kuchinad’s decision to step down was mutually agreed upon with the board and is framed as part of a broader transition plan aimed at ensuring continuity and stability during the ownership change. The board has indicated that an interim chief executive will be appointed to oversee day‑to‑day operations while the sale process continues. The interim leader is expected to be a senior executive from within Copper’s existing management team, someone familiar with the company’s technology stack, client relationships, and regulatory obligations.
The departure of a CEO during a sale process is not uncommon in the tech and fintech sectors. Analysts suggest that a fresh leadership perspective can sometimes reassure prospective buyers, signaling a willingness to adapt and align with new strategic priorities. In Copper’s case, the board appears confident that the company’s robust infrastructure, strong market position, and expanding product portfolio will remain attractive to investors, regardless of the leadership change. Kuchinad’s background adds an interesting dimension to his exit.
Before joining Copper, he held senior roles at several prominent financial institutions, including a stint as head of digital assets at a major European bank and a senior advisory position at a global payments firm. His experience in bridging traditional finance and emerging blockchain technologies helped Copper secure key regulatory approvals in the United Kingdom, the European Union, and the United States. Under his guidance, Copper achieved a series of milestones, such as obtaining a UK Financial Conduct Authority (FCA) registration for crypto‑asset custody and launching a compliance‑first framework that satisfied the stringent requirements of U.S. institutional investors.
Despite the positive trajectory, Copper has faced challenges that likely influenced the decision to seek a buyer. The broader crypto market has experienced heightened volatility, with several high‑profile exchange failures and regulatory crackdowns creating a more cautious investment environment. Institutional clients have become increasingly demanding in terms of risk management, auditability, and insurance coverage, prompting Copper to invest heavily in its security architecture and third‑party coverage. These initiatives, while essential, have also placed pressure on the company’s balance sheet, making a capital infusion through an acquisition an attractive option.
The ongoing buyer search has now entered its fourth month, with the board reportedly engaging with a mix of strategic acquirers—such as large financial services firms looking to expand their digital asset capabilities—and private‑equity groups seeking to build a platform play in the crypto‑infrastructure space. Sources indicate that negotiations are at an advanced stage with at least two parties, though no definitive terms have been disclosed.
The timeline for a definitive agreement remains uncertain, but the board has signaled a desire to close the transaction before the end of the calendar year, aligning with the typical fiscal planning cycles of potential acquirers. For Copper’s clients, the leadership transition and sale process are being managed with an emphasis on minimal disruption.
The firm has communicated to its customers that all custodial services, insurance policies, and compliance obligations will remain in force throughout the transition. In addition, the company’s technical teams continue to support integration projects and new product roll‑outs, ensuring that the platform’s performance and security standards do not falter. Industry observers are watching the situation closely, as the outcome could set a precedent for how mid‑stage crypto‑infrastructure firms navigate ownership changes in a maturing market. If a strategic buyer steps in, Copper could benefit from additional resources to accelerate its roadmap, potentially expanding into new geographies, enhancing its MPC technology, and deepening its suite of DeFi‑compatible services.
Conversely, a private‑equity acquisition might focus on scaling operational efficiencies and preparing the company for a future public offering. In a statement released to the press, Copper’s board expressed gratitude for Kuchinad’s contributions, noting that his leadership helped lay a solid foundation for the company’s next phase of growth.
“Amar’s vision and dedication have been pivotal in positioning Copper as a trusted custodian for institutional investors worldwide,” the statement read. “We wish him the very best in his future endeavors and remain committed to delivering uninterrupted, secure, and compliant services to our clients as we continue our strategic journey.” As the search for a new owner proceeds, stakeholders—including employees, investors, and clients—will be looking for clear signals of stability and forward momentum. The appointment of an interim CEO, coupled with the board’s active engagement with potential buyers, aims to provide that reassurance. While the exact timeline and ultimate outcome remain to be seen, Copper’s trajectory under Kuchinad’s tenure has undeniably set the stage for a significant next chapter in the evolving landscape of digital asset custody.