Despite the declining global appetite for risk-on assets like cryptoassets, multinational banking giant Barclays reportedly targets to invest in crypto custody firm Copper.

Sky News reported on Sunday that Copper’s fundraising will be finalized in a few days’ time. Besides that, the UK-based bank is one of several new investors joining a funding round for Copper, adding that it will invest an undisclosed sum, probably in the “millions of dollars” range.

Copper lists former chancellor Lord Hammond among its advisers. It is also a crypto platform providing custody, prime brokerage, and settlement services to institutional investors deploying money into digital assets.

The funding round now values Copper at $2 billion instead of the initial expectation of $3 billion and is expected to close in the coming days.

Copper is founded by Dmitry Tokarev in 2018. It now listed some big venture capital firms among its investors, such as LocalGlobe, Dawn Capital, and MMC Ventures. In a Series B funding round, the firm previously raised USD 50m at an undisclosed valuation.

In mid-May, Barclays and Goldman Sachs, also joined a USD 70m Series A funding round for the institutional crypto trading platform Elwood Technologies.


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