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As the crypto industry continues to be shaken by a spate of bankruptcies, UK banking giant Barclays has opted to buy a share in Copper, one of the most well-known firms in the fast-rising sector.
According to a Sky News article published on July 24, the UK-based lender is one of Copper’s new investors entering a fund-raising round.
Barclays is expected to spend a moderate sum in the millions of dollars as part of the round. The fund-raising campaign is scheduled to be completed over the following several days.
Barclays Invested in digital Copper assets. Image: Blockchain reporter
Investing in digital Copper assets
Copper provides various services to institutional investors in bitcoin assets, including custody, prime broking, and settlement.
Dmitry Tokarev founded the business in 2018 and has already received funding from prominent venture capital firms worldwide, including MMC Ventures, LocalGlobe, and Dawn Capital.
Copper was reported earlier this year to be targeting a valuation of at least $3 billion in its most recent capital round; however, that has since been trimmed back, matching the escalating crisis in the broader crypto-assets market.
Several key market companies, including Three Arrows Capital, Celsius, and Voyager Digital, have recently filed for bankruptcy or ceased withdrawals, undermining faith in the industry’s rapid rise.
Copper was displeased with UK financial regulators’ attitude, which encouraged the business to create a centre in Switzerland rather than the UK.