Barclays snaps up stake in $2bn cryptocurrency firm Copper
The United Kingdoms’ giant lender, Barclays, is set to invest a modest sum in a growing cryptocurrency custody firm, Copper. Sky News has reported that Copper, a $2bn crypto firm having Hammond Lord as its advisor, has attracted Barclays crypto investment. Barclays confirmed its stake in the recent round of investment for the company.
The funding has long been under discussion because of the bear market. However, the company has managed to close it in the Series C round. The company’s valuation has reportedly reached $2 billion. Last year, it was a billion short of its expected $3 billion valuation.
The previous round of investment for the firm took place in March 2021. In the Series B round, it raised around $50 million. But Copper did not disclose its valuation after that.
Barclays crypto funding of ‘millions of dollars’
According to the sources, Barclays crypto investment for this round will be ‘millions of dollars.’ The funding will be concluded in the coming days. However, neither Copper nor Barclays has confirmed the investment.
Besides, the company has attracted investments from various other lenders. These include prominent names like MMC Ventures, Dawn Capital, and LocalGlobe. On the other hand, the crypto news shows the declining market, where several companies like Celsius have declared bankruptcy. Amidst such a climate, securing Barclays crypto funding is a success for the company.
Previously, the UK’s giant lender refused its services to firms like Coinbase and Binance. But, the bank is one of the oldest to support cryptocurrencies and digital assets in the country. Hence, its stake means more credibility for the firm.
On the contrary, Copper is facing issues with the United Kingdom’s Financial Conduct Authority. There is a deadlock over the issue of temporary registration required for companies that provide digital asset services. That’s why it is working with Switzerland’s regulations. Find out more about recent development in the digital world at Latest Moni.
Author: Wasay Ali
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