UK-based banking giant Barclays cryptocurrency It plans to acquire a stake in financial services firm Copper.
Barclays Joins Cryptocurrency Company Copper Funding Round
According to Sky News, the bank is participating in a funding round that will include other investors and will conclude in the next few days.
Sources said Barclays is expected to invest “millions of dollars, a relatively modest amount.”
Copper has been looking to raise at least $500m and make a multi-billion dollar valuation over the past few months, but has run into regulatory issues in the UK.
The firm raised $50 million in a Series B funding round last year, and then another $25 million from billionaire British macro investment legend Alan Howard. Among the company’s advisory staff is Philip Hammond, the former UK finance minister.
Founded in 2018, Copper provides custody, principal brokerage and clearing services to institutional investors.
Barclays is no stranger to crypto, having previously invested in institutional crypto services provider Elwood Technologies, as reported by the Financial Times in May. The bank, along with Goldman Sachs and Mike Novogratz’s Galaxy Digital company, had joined Elwood Technologies in a funding round valuing $500 million, according to FT’s sources.
Especially starting from 2021, the digital asset market received large investments from traditional finance companies. The extraordinary increase in the popularity of cryptocurrencies in 2021 was the main reason for these investments.
*Not investment advice.