Barclays to acquire stake in Copper, London-based crypto custodian

British financial conglomerate Barclays will join the funding round for Copper, a London-based custodial service, Sky News reports.

According to the press, the bank will put in a relatively modest sum of a few million dollars. The crypto company’s fundraising is expected to close within a few days.

Earlier reports said Copper planned to raise $500m at a $2.5bn valuation. According to the publication, given the crisis in the crypto industry, the amount is smaller.

Founded in 2018, the company provides institutional investors with prime-brokerage services, as well as settlement and custody of digital assets.

In May 2021, Copper raised $50m in a Series B round. It was led by investment company Target Global and venture capital firm Dawn Capital.

In June, billionaire Alan Howard joined the round, investing $25m in the firm.

Among Copper’s advisers is listed as former UK Chancellor of the Exchequer Philip Hammond. However regulatory problems in the country forced the company to open an office in Switzerland, Sky News noted.

In May, Barclays took part in a $70m funding round for Elwood Technologies, a provider of crypto services.

Follow ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analysis.