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Barclays Expected to Invest 'Millions of Dollars' in Copper's Funding Round: Report
The crypto custodian is valued at $2 billion.
Updated May 11, 2023, 5:38 p.m. Published Jul 25, 2022, 10:28 a.m.
U.K. bank Barclays will be among the investors in cryptocurrency custody firm Copper's funding round, according to a report by Sky News.
- Barclays is expected to invest a sum in the "millions of dollars" as part of the raise, Sky News reported on Sunday, citing sources. The funding round values Copper at $2 billion and is expected to close in the coming days.
- Copper has chosen to become regulated in Switzerland, after it was unable to register with the U.K.'s Financial Conduct Authority.
- Former Chancellor Philip Hammond serves as an adviser for Copper.
- Barclays is one of the U.K.'s biggest banks with total assets of around $1.4 trillion as of 2021.
- Marcus Sotiriou, an analyst at digital asset broker GlobalBlock, said the bank's move "does not come as a surprise," given Barclays' prior investment in institutional crypto services provider Elwood Technologies in May.
- "This shows that although crypto faces significant hurdles, due to the macro environment and a lack of buyers, financial institutions are showing an increase in interest, and the long-term value continues to expand," Sotiriou said.
- Neither Barclays nor Copper immediately responded to requests for comment.
Read more: The Crypto Community Says the UK's FCA Is Finally Starting to Listen
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UPDATE (14:17 UTC July 25 2022): Amends to add comment from Marcus Sotiriou.
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