Copper, the London‑based firm that offers institutional‑grade custody and settlement solutions for digital assets, announced that its chief executive officer, Amar Kuchinad, will be departing the company after a little more than two years at the helm. The news was confirmed by two individuals with direct knowledge of the matter, who asked to remain anonymous because the information is not yet public. Kuchinad’s exit comes at a critical juncture for Copper, as the firm has been actively seeking a strategic buyer for the fourth consecutive month, a process that began in early 2024 following a series of market setbacks and a tightening regulatory environment for crypto‑related services. Kuchinad joined Copper in early 2024, bringing with him a background in fintech and a reputation for scaling technology‑driven enterprises.
During his tenure, he oversaw the launch of several product enhancements, including the expansion of the company’s multi‑signature vault architecture and the integration of new compliance tools designed to meet evolving anti‑money‑laundering (AML) standards across Europe and North America. Under his leadership, Copper also broadened its client base, adding several prominent hedge funds, family offices, and institutional investors to its roster, and secured partnerships with major exchanges to provide on‑chain settlement services.
Despite these achievements, Copper has faced mounting pressures from a volatile crypto market that has seen a sustained decline in trading volumes and a wave of regulatory scrutiny. In late 2023, the firm disclosed a modest dip in revenue, prompting its board to explore strategic alternatives, including a potential sale. The search for a buyer has now entered its fourth month, with several private‑equity firms and larger financial institutions reportedly expressing interest.
Sources close to the negotiations say that the ideal acquirer would be a company with deep liquidity, a strong compliance framework, and a strategic interest in expanding its footprint in the digital‑asset custody space. The departure of Kuchinad is being framed as an amicable transition.
According to the insiders, the board and the outgoing CEO have agreed on a hand‑over plan that will ensure continuity of operations and maintain confidence among Copper’s institutional clients. An interim chief executive, currently serving as the firm’s chief operating officer, will assume day‑to‑day responsibilities while the board conducts a thorough search for a permanent replacement.
The interim leader is expected to focus on stabilizing the business, preserving existing client relationships, and supporting the ongoing sale process. Industry analysts view the leadership change as a signal that Copper is positioning itself for a smoother acquisition.
"When a company is in the midst of a sale, it’s common to see senior executives step aside to make the organization more attractive to potential buyers," said Maria Delgado, a senior analyst at CryptoInsights. "A new CEO can bring fresh perspectives, and the board may be looking for someone with a track record of integrating fintech firms into larger financial institutions, which could accelerate the deal timeline." The impact of Kuchinad’s exit on Copper’s employees and culture is also being closely monitored.
The firm employs roughly 250 staff across its London headquarters, a development hub in New York, and a growing operations team in Singapore. Internal communications reportedly emphasize that the company’s mission—to provide secure, compliant, and user‑friendly custody solutions—remains unchanged. Human‑resources officials have assured staff that there will be no layoffs as a direct result of the leadership transition, and that the ongoing search for a buyer will not affect day‑to‑day operations.
Clients have been reassured through a series of personalized outreach efforts. Copper’s client‑relationship managers have been contacting key accounts to explain the leadership change, reaffirm the firm’s commitment to service excellence, and outline the steps being taken to ensure a seamless experience. Early feedback suggests that most institutional partners remain confident in Copper’s technology stack and risk‑management protocols, citing the firm’s robust audit trails, real‑time monitoring capabilities, and strong insurance coverage as critical differentiators. From a regulatory standpoint, Copper continues to work closely with supervisory authorities in the United Kingdom, the United States, and the European Union.
The firm has maintained its registration with the Financial Conduct Authority (FCA) as a crypto‑asset service provider and has complied with the latest guidance on custodial standards. The board’s decision to pursue a buyer is partly motivated by the desire to align with a partner that can provide additional regulatory capital and a broader compliance infrastructure, thereby mitigating future risk exposures. Looking ahead, the next few weeks will be pivotal for Copper. The board expects to receive formal offers from interested parties by the end of the quarter, after which a due‑diligence phase will commence.
The interim CEO will play a central role in facilitating these discussions, providing detailed financial statements, operational metrics, and strategic roadmaps to potential acquirers. Meanwhile, the search for a permanent chief executive is expected to conclude within the next two to three months, with candidates likely drawn from the broader fintech and financial services sectors. In summary, Amar Kuchinad’s departure marks a significant moment for Copper as it navigates a complex sale process amid a challenging market environment.
While the leadership change introduces an element of uncertainty, the company’s strong technological foundation, solid client relationships, and proactive regulatory stance position it as an attractive target for a strategic buyer. Stakeholders—including employees, clients, and investors—are being kept informed, and the firm’s core mission of delivering secure, compliant custody solutions for digital assets remains firmly intact.