Crypto Custodian Copper Raises $50M in Series B Round

The digital asset custodian says revenue and client growth tripled in the last quarter.

AccessTimeIconMay 18, 2021 at 10:42 a.m. UTC
Updated May 9, 2023 at 3:19 a.m. UTC

London-based cryptocurrency custody firm Copper has raised $50 million in Series B funding.

Announced Tuesday, the funding was co-led by Dawn Capital and Target Global, and included Illuminate Financial Management as well as existing investors LocalGlobe and MMC Ventures.

Dawn Capital and Target Global led Copper’s Series A funding in February 2020, bringing total capital raised to date to $60 million.

The safekeeping of digital assets is a crucial component for large or traditional institutions looking to enter the cryptocurrency space and specialist crypto custodians have become desirable entities, evidenced by a slew of recent acquisitions and partnerships.

Copper’s muscular raise broadly reflects the bull run that has been happening across the cryptocurrency industry in the last several months. 

“We have seen revenue and client growth tripling in the course of around the quarter, and meeting that demand has created some challenges, but in a good way,” said Copper CEO Dmitry Tokarev in an interview. “We are involved in a lot of conversations with financial institutions, with something like 84 NDAs [non-disclosure agreements] in place.”

Tokarev said Copper currently has some 200 staff and plans to double that number over the next 18 months or so. 

Asked if Elon Musk’s recent tweets about possibly selling off Tesla’s bitcoin holdings might lead to a cooling down of companies looking to add crypto to their balance sheet, Tokarev said: “We have a long-term vision of how financial market infrastructure will evolve. Maybe it’s not as sexy as DOGE going to the moon, but we tend to view all that stuff as just background noise.”


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.