London-based Copper raises $50m in Series B funding

London-based custody service Copper raised $50 million in a Series B round. It was led by Target Global and Dawn Capital.

Announcing the close of our $50m Series B round! ✨

We’re excited to have @dawncapital and @IlluminateFM
join the Copper family, and grateful for the continued support from @TargetGlobalVC , @localglobevc
and @MMC_Ventures.

Full details here: https://t.co/4EOq3s0ENP pic.twitter.com/AcTmQAvz96

— Copper (@CopperHQ) May 18, 2021

Copper will deploy the funds to support its global expansion. The company will open regional offices in the United States and Asia, triple its headcount, and invest part of the money in developing new products.

According to the service, Copper’s offerings are used by more than 200 bitcoin exchanges, funds, payment firms and other market participants. Since the third quarter of 2020, assets under management have grown more than fortyfold.

Earlier in February 2021, the crypto bank Anchorage attracted $80m from Andreessen Horowitz and other investors.

In March, billionaire Alan Howard backed the custodian Komainu in a $25m funding round.

In April, the institutional service Finoa closed a $22m funding round.

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