According to CoinDesk, Amar Kuchinad, CEO of cryptocurrency custodian Copper, has stepped down. The company has been seeking buyers since at least May and has engaged Cantor Fitzgerald to assist with the sale, initially promoting a valuation of $500 million; recent reports indicate that Copper has received offers of approximately $200 million, a significant decline from its peak valuation of over $2 billion. Copper has also recently appointed Elin Cherry as Chief Compliance Officer and Sean Bowen as Chief Operating Officer.
Copper CEO Amar Kuchinad Resigns Amid Ongoing Sale Process
TechFlowShare
Summary
Copper CEO Amar Kuchinad has stepped down as the company continues its sale process. The cryptocurrency market custodian has been in discussions with potential buyers since May, with Cantor Fitzgerald serving as financial advisor. Early offers valued the company at $500 million, but recent bids have dropped to around $200 million, significantly below its $2 billion peak. Copper recently appointed Elin Cherry as Chief Compliance Officer and Sean Bowen as COO. Altcoins to watch may be affected by such market developments.
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