The interest of Barclays in a crypto firm is a great example of traditional companies warming up to the crypto sector.
Copper, a very popular crypto financial services firm, is looking to raise $500 million from the market. As per the latest report, banking giant Barclays has invested in the Copper funding round.
Along with Barclays, there have been other investors Dawn Capital and Target Global, Copper’s existing investors LocalGlobe and MMC Ventures, and others.
As per the report, Barclays is likely to invest a modest sum in Copper to the tune of millions of dollars. Earlier this year, Copper was targeting a valuation of $3 billion. However, it has decided to scale back considering the global macro uncertainty and the ongoing crisis in the crypto space, after engaging in a major tussle with UK regulators.
As of now, Copper has downscaled its ambition to $2 billion. Earlier in May, Copper also secured regulatory approval in Switzerland through a Swiss entity in Zug. Sky News was the first to report.
About Copper
Founded by Dmitry Tokarev in 2018, Copper offers institutional investors crypto services such as prime broking, custody, and settlement services. It has drawn big investors to its portfolio including the likes of LocalGlobe, Dawn Capital and MMC Ventures.
Within the first year of its launch, Copper successfully processed $500 million worth of cryptocurrencies. Copper has made a name for itself with its ClearLoop technology infrastructure. This crypto trading technology powers hundreds of exchanges, payment processors, and trading firms. As of date, Copper is serving more than 400 clients worldwide.
Copper is now looking to expand its footprint on a global scale. Last year in May 2021. Copper closed a £35 million Series B funding. Former chancellor Philip Hammond is serving as an adviser to Copper.
Furthermore, Copper is also forming new partnerships in the market going ahead. As per BeInCrypto:
“Copper recently partnered with Munich-based Holoride, innovators of the first immersive in-vehicle media platform. Copper will provide custody services of Holoride’s $RIDE token, a pioneering brand-agnostic mobility token for transportation applications”.
Copper has expressed its dissatisfaction over the attitude expressed by UK regulators. In recent times, the UK has taken a tough stand on the crypto regulatory framework following the recent correction and meltdown in the crypto space.
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