British financial conglomerate Barclays will join the funding round for Copper, a London-based custodial service, Sky News reports.<\/p>\n
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.<\/p>\n
Earlier reports said Copper planned to raise $500m<\/a> at a $2.5bn valuation. According to the publication, given the crisis in the crypto industry, the amount is smaller.<\/p>\n Founded in 2018, the company provides institutional investors with prime-brokerage services, as well as settlement and custody of digital assets.<\/p>\n In May 2021, Copper raised $50m<\/a> in a Series B round. It was led by investment company Target Global and venture capital firm Dawn Capital.<\/p>\n In June, billionaire Alan Howard joined the round, investing $25m<\/a> in the firm.<\/p>\n Among Copper’s advisers is listed as<\/a> 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.<\/p>\n In May, Barclays took part<\/a> in a $70m funding round for Elwood Technologies, a provider of crypto services.<\/p>\n