The UK based banking giant, Barclays, has supposedly invested into crypto firm Copper’s latest fundraising round. The investment was reportedly on hold since last November with the investors.
Barclays have invested an undisclosed sum somewhere in the “millions of dollars,” which is expected to be finalised in some days. The new investors also count former chancellor Lord Hammond among its advisers.
The latest funding round was supposed to take the valuation of Copper at $3 billion. However, the 9 month delay in the funding round has brought down the value to $2 billion amid a growing crisis in the crypto sector.
The Financial Conduct Authority’s temporary register to provide crypto services in the UK was held up by Copper. However, it has grown frustrated over the approach of UK financial regulators. This made them establish a hub in Switzerland instead, following a partnership with global traditional custodian State Street.
Founded in 2018 by Dmitry Tokarev, Copper provides custody, prime broking and settlement services to institutional investors.