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UK Banking Giant Barclays Takes Stake in Crypto Firm Copper
UK banking giant Barclays has reportedly invested ‘millions of dollars’ in crypto custody firm Copper.
Copper, which counts former Chancellor Lord Hammond as one of its advisers, offers crypto custody and settlement services to institutional investors.
The company, which was formed in 2018, was at one point valued at more than $3 billion.
The investment by Barclays is a bullish signal during the crypto winter of 2022, which has seen most cryptocurrencies tumble in value, along with traditional stocks and shares.
Other investors in the company include LocalGlobe, Dawn Capital and MMC Ventures.
According to sources who spoke to Finbold, the Barclays investment is part of a new funding round.
Copper recently established a new centre in Switzerland instead of the UK after expressing dissatisfaction with a Financial Conduct Authority (FCA) policy requiring digital asset providers to apply for temporary registration in order to continue trading.
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