Barclays Acquires Stake in $2 Billion Cryptocurrency Firm Copper

British, multinational, universal bank Barclays 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.

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 Team

Find out more about Copper’s struggle with regulators below:

Crypto Firms to Exit U.K. for Failing FCA Registration

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia