Tuesday, October 4, 2022

Crypto custody firm Copper to complete Series C funding round this week

Crypto custody firm Copper may finally be closing its Series C funding round this week, according to a report by Sky News. This follows after the funding round was delayed as it struggled to secure regulatory approval in the United Kingdom. The funding round will bring Copper’s valuation to $2 billion and is expected to be completed in a matter of days.

Barclays among the lead investors

Per the report, the funding round has in participation, U.K.’s top bank Barclays (BARC). And the bank will be investing some “millions of dollars” based on confirmation from close sources of the firm.

As of 2021, Barclays boasted of an asset base of nearly $1.4 trillion and is arguably one of the largest banks in the U.K. However, Its supposed participation in Copper’s funding round is not its first involvement in the crypto industry. In July 2021, the bank restricted its customers from using their cards to make payments on the Binance crypto exchange.

Following its struggles with the U.K.’s Financial Conduct Authority (FCA), Copper is now registered in Switzerland. And now, former U.K. Chancellor Philip Hammond will be serving as the firm’s advisor.

Crypto custody firm Copper had other plans

Initial reports as of November last year were that Copper was raising $500 million to bring its valuation to a whopping $3 billion. But that was around the time crypto was booming and all was well in the crypto market. Since then, however, times have changed. And a prolonged bear market as this meant that investors are warier in taking risks, thus reducing the valuation of many crypto-based companies.

Till now though, it remains unclear whether or not the amount raised in this round will be disclosed. However, being that the round is still ongoing, Copper has refused to comment any further on developments. 

In its Series B round that was completed in March, the firm raised $50 million.

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