Stock

Barclays invests in cryptocurrency firm Copper

Barclays Plc. (LON:BARC) is set to snap up a stake in cryptocurrency firm Copper, Sky News reported on Sunday.

Copper, according to the report, is looking to raise new funds from major investors across the country and counts Barclays among those with an imminent splash via fresh financing.

UK-based financial services giant Barclays is investing a modest amount in Copper, expected to be in the region of a few millions of dollars.

Copper’s series C funding round

The bank’s stake in the crypto custody provider is part of a funding round announced in 2021 but which is only coming to a conclusion due to various reasons, including the investor slowdown amid the crypto winter.

The series C round sought $500 million at a $3 billion valuation at the time, but that has shrunk to about $2 billion owing to the tough market conditions.

Despite this, the raise sees Copper count one of the largest retail banking and credit cards providers in the world among its investors. Already, high-profile backers include leading venture firms like LocalGlobe, MMC Ventures and Dawn Capital.

The funding round is set to finalise within the next few days, the Sky News report added.

Copper, which also offers prime brokerage services to institutional investors seeking investment exposure across the crypto space, launched in 2018. The crypto company recently added Lord Phillip Hammond, the former Chancellor of the Exchequer, to its team as a senior advisor.

The post Barclays invests in cryptocurrency firm Copper appeared first on Invezz.

Disclaimer: MonopolyWinnersUpdates.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 MonopolyWinnersUpdates.com. All Rights Reserved.

To Top