The CEO of cryptocurrency custody firm Copper, Dmitry Tokarev, plans to step down from his day-to-day role and resign as CEO, as confirmed by two sources familiar with the matter.

The digital assets custodian, which counts former U.K. Chancellor Philip Hammond as its chairman, is seeking a replacement for Tokarev. He was one of the founders of Copper back in 2018, although he will continue to play a significant role in the company as a major shareholder.

"We do not comment on market rumors or speculation," a spokesperson from Copper stated in email correspondence.

Recently, there have been notable executive departures within Copper. Last month, founding partner and Chief Commercial Officer Boris Bohrer-Bilowitzki left to take on the CEO position at blockchain company Concordium. Mike Milner, who served as the Global Head of Revenue for five years, has also joined Concordium.

Tokarev has led Copper since its inception, having graduated from Imperial College, London, with a degree in Risk Management and Financial Engineering.