Barclays Acquires Stake in $2 Billion Cryptocurrency Firm Copper
2022.07.25 22:18
Barclays Acquires Stake in $2 Billion Cryptocurrency Firm Copper
British, multinational, universal bank Barclays (LON:BARC) has acquired a stake in Copper, a $2 billion crypto firm that provides institutional investors with a gateway into the crypto asset space.
Barclays Buys Stake in Copper
Barclays is reportedly among the crop of new investors joining the latest funding round for Copper, which features former chancellor of the UK, Lord Hammond, as one of its advisers.
According to reports, the undisclosed sum invested by the British banking giant runs into the “millions of dollars”, and is expected to be finalized with Copper over the next few days.
Copper’s latest Series C funding round comes after an attempt to raise $500 million in November 2021. The funding round was postponed at the time due to the expiration status of Copper’s temporary regulatory registration in the UK.
Copper Valued at $2 Billion
Copper, founded by Dmitry Tokarev in 2018, provides custody, prime brokerage, and settlement services to institutional investors.
The November Series C funding round was originally estimated to see Copper attain a valuation of $3 billion. However, as a result of the extended crypto winter. the firm is instead said to be valued at $2 billion.
On the Flipside
- Cooper’s struggle with U.K. regulators saw the firm establish a hub in Switzerland after securing a partnership with global, traditional custodian State Street (NYSE:STT).
Why You Should Care
The investment from Barclays comes in the wake of the United Kingdom laying out its intention to grow its crypto sector by instituting more amenable rules.
Read about Copper’s brokerage services in:
Copper Is Building a Prime Brokerage Crypto Platform with a Former Bank of America (NYSE:BAC) Team
Find out more about Copper’s struggle with regulators below:
Crypto Firms to Exit U.K. for Failing FCA Registration
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