Crypto Custodian Copper Raises $196 Million In Latest Funding Round

Advancing the company’s expansion plans, crypto custodian Copper Technologies has secured a total of $196 million under the firm’s C series financing round.

The business managed to raise some $181 million from a group of existing and new shareholders and gained access to a further $15 million under a convertible loan note, as indicated by company filings obtained by Bloomberg. The financing round is yet to be closed. 

While the firm has not disclosed its current valuation, Copper Technologies did admit that it reported a loss of some $16 million last year. This represented nearly a fourfold increase compared with the loss the company posted for 2020, at about $4.1 million. 

Copper Technologies is based in Switzerland’s Zug. The company says it provides its solutions to a wide range of customers from the financial sector. These include trading firms, hedge funds, crypto exchanges, decentralized finance (DeFi) industry players, and other entities, according to data from the Swiss firm. The business says it employs more than 300 professionals to run its services. 

Copper Technologies says that, to date, more than 30 exchanges have gained access to the company’s ClearLoop and Walled Garden networks.