Barclays Bank is reportedly taking a stake in Copper, a prominent name in the fast-evolving cryptocurrency sector.
The UK's Sky News reports that the UK-based bank is among a crop of new investors joining a funding round for Copper, which counts former chancellor Lord Hammond among its advisers. The news agency reports that "City sources said Barclays was expected to invest a relatively modest sum in the millions of dollars as part of the round." and the fundraising is expected to be finalised within days.
Copper's strapline is that it provides an institutional gateway to digital asset investing through a trading system without moving assets to exchanges, eliminating the risk of hacked, frozen, or misappropriated assets.
It was reported earlier this year that Copper was targeting a valuation of at least $3bn in its latest capital raise but has since scaled that back, reflecting the growing crisis in the wider crypto-assets sector.
Apparently Copper has also grown frustrated with the approach of UK financial regulators, prompting it to establish a hub in Switzerland instead. That explains why Copper doesn't appear on Version 2 of Fintech UK's registered cryptoasset Map released last week.
Barclays and Copper declined to comment.
The UK's Sky News reports that the UK-based bank is among a crop of new investors joining a funding round for Copper, which counts former chancellor Lord Hammond among its advisers. The news agency reports that "City sources said Barclays was expected to invest a relatively modest sum in the millions of dollars as part of the round." and the fundraising is expected to be finalised within days.
Copper's strapline is that it provides an institutional gateway to digital asset investing through a trading system without moving assets to exchanges, eliminating the risk of hacked, frozen, or misappropriated assets.
It was reported earlier this year that Copper was targeting a valuation of at least $3bn in its latest capital raise but has since scaled that back, reflecting the growing crisis in the wider crypto-assets sector.
Apparently Copper has also grown frustrated with the approach of UK financial regulators, prompting it to establish a hub in Switzerland instead. That explains why Copper doesn't appear on Version 2 of Fintech UK's registered cryptoasset Map released last week.
Barclays and Copper declined to comment.
Copper's UK business not on Fintech UK's registered cryptoasset Map
Copper, founded by Dmitry Tokarev in 2018, has drawn investors from big names in the global venture capital sector, such as LocalGlobe, Dawn Capital and MMC Ventures. Its institutional gateway provides custody, trading, and settlement solutions across 450 crypto- assets and more than 40 exchanges.
State Street to develop digital custody in collaboration with Copper.co
Copper, recently together with Street Corporation, announced today that State Street Digital had entered into a licensing agreement through which State Street Digital will leverage Copper.co’s technology to develop and, subject to receipt of regulatory and other approvals, launch an institutional grade digital custody offering where clients can store and settle their digital assets within a secure environment operated by State Street. The firm will leverage its robust infrastructure and vast experience to assist clients’ transition and thrive in the new digital economy.