Reported Coindesk, London-based cryptocurrency custody firm Copper has announced that it will be giving up its enterprise business, a software and infrastructure development side of the company.
The enterprise division of Copper was focused on securing digital asset custody and infrastructure solutions for banks and funds. However, the company has decided to streamline its business and focus on its Clear Loop custody and settlement business, which it believes makes more economic sense going forward.
The decision will result in job losses on Copper's enterprise business, though it is currently unclear how many people will be affected.
Copper's move to give up its enterprise business comes amid present challenging conditions in the digital assets space, an uncertain US regulatory environment, and a desire to focus on strategic offerings.
Copper is one of the leading crypto custody providers, securing billions of dollars in digital assets using multi-party computation (MPC) key sharding technology.
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