According to a Sky News story quoting sources in the City of London, banking behemoth Barclays is one of the new sponsors of digital asset startup Copper, which is apparently receiving additional investment.
An amount “in the millions of dollars” is likely to be invested in cryptocurrency custody company Copper by UK-based international private bank Barclays. The fundraising round, which has a $2 billion valuation for Copper, is anticipated to conclude in the following days.
One of the biggest banks in the UK, Barclays has over $1.4 trillion in assets as of 2021.
Copper chose to regulate in Switzerland after failing to register with the Financial Conduct Authority of the United Kingdom.
As a result of failing to register with the UK’s Financial Conduct Authority, Copper has chosen to be regulated in Switzerland.
Dmitry Tokarev founded Copper in 2018, which offers institutional investors custody, prime brokerage, and settlement services. Additionally, the company has created a proprietary trading platform called ClearLoop that links cryptocurrency exchanges and provides offline storage of money while deals are being made.
In June of last year, the London-based company completed a $75 million Series B investment round, with billionaire investor Alan Howard driving a $25 million increase to the capital.
Other well-known players in the global venture capital sector, such as LocalGlobe, Dawn Capital, and MMC Ventures, have also shown interest in the firm.
Lord Philip Hammond, who held the position of UK Chancellor of the Exchequer from 2016 to 2019 under former Prime Minister Theresa May, was also engaged by Copper as its senior adviser.