Cryptocurrency custodian Copper named Tim Neill as chief risk officer, the company said in a statement on Monday.

He will report to Chief Operating Officer Sabrina Wilson, and his appointment begins with immediate effect, the company said.

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Neill joins from Mastercard (MA), where he was chief risk officer for the company's new payments platforms division, and head of risk for product and engineering, responsible for covering new payments platforms, digital banking and central bank digital currencies (CBDC).

A CBDC is a central bank digital currency that uses new payment technology, typically a blockchain, to lower costs and increase payment efficiency.

“We are excited to welcome Tim to the Copper team," Wilson said in the statement. "Tim brings a wealth of experience in managing enterprise risk within large scale global financial services institutions. Prudential risk management is an essential pillar of Copper strategy and we look forward to working closely with Tim in his chief risk officer capacity.”

Former U.K. Chancellor Philip Hammond joined the company as a senior adviser last October.

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Crypto Custody Firm Copper Appoints Tim Neill as Chief Risk Officer

Neill, who has 20 years of experience in operations and risk management, previously worked at Mastercard.

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