Barclays Invests In Crypto Company Copper In Latest Funding Round

United Kingdom-based multinational banking giant, Barclays reportedly joined crypto custody company Copper’s latest funding round, concluding lengthy negotiations with Investors in the round that have been delayed since November.

As part of this round, Barclays invested an undisclosed amount somewhere in the “millions of dollars,” Sky News reported on Sunday. The fundraising is expected to be completed in the coming days.

It ends a delay of more than nine months on a $500 million Series C funding round, where Copper sought a $3 billion valuation. The declining crypto market and waning investor interest have reduced that to $2 billion.

Barclays became the first bank in the UK to support cryptocurrencies, specifically Bitcoin, in 2015 by urging charities to accept the fledgling asset class as a form of donation. The bank has a dense past with the industry, including denying its services to powerful exchange service providers like Binance and Coinbase.

Delays stemming from Copper’s exchange with the UK’s Financial Conduct Authority about the country’s Provisional Registration System have confused investor procedures, including with recurring investor Tiger Global.

Regulatory frustration by the UK financial watchdog, which requires digital asset service providers to register to continue trading temporarily, peaked in March when Copper established a center in Zug, Switzerland, after partnering with State Street, the custodian of global tradition.

Founded by Dmitry Tokarev in 2018, Copper provides custody, prime broking, and settlement services to institutional investors. The firm raised $50 million via a Series B funding round in June last year with an undisclosed valuation.

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