Multinational banking giant Barclays apparently aims to purchase crypto child custody firm Copper regardless of the declining global appetite for risk-on assets like cryptoassets.
The United kingdom-based bank is among several new investors joining a funding round for Copper, Sky News reported Sunday, adding the bank would invest an undisclosed sum, most likely within the “millions of dollars” range. The fundraiser is going to be finalized over a couple of days.
Copper, which counts former chancellor Lord Hammond among its advisors, is really a crypto platform supplying child custody, prime brokerage, and settlement services to institutional investors deploying money into digital assets.
The fundraiser would conclude Copper’s USD 500m Series C funding round, which began at the end of 2021 using the crypto platform trying to raise funds in a USD 3bn valuation. However, because of the recent crypto meltdown, Copper has reduced that figure to USD 2bn.
Copper’s target valuation required a success as some big names in crypto have lately unsuccessful. More particularly, crypto hedge fund Three Arrows Capital and crypto loan provider Celsius Network have filed for personal bankruptcy in recent days, further exacerbating investor confidence within the nascent industry.
Founded by Dmitry Tokarev in 2018, Copper lists some big investment capital firms among its investors, for example LocalGlobe, Beginning Capital, and MMC Ventures. The firm formerly elevated USD 50m using a Series B funding round in an undisclosed valuation.
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