U.K. bank Barclays will be among the investors in cryptocurrency custody firm Copper's funding round, according to a report by Sky News.
- Barclays is expected to invest a sum in the "millions of dollars" as part of the raise, Sky News reported on Sunday, citing sources. The funding round values Copper at $2 billion and is expected to close in the coming days.
- Copper has chosen to become regulated in Switzerland, after it was unable to register with the U.K.'s Financial Conduct Authority.
- Former Chancellor Philip Hammond serves as an adviser for Copper.
- Barclays is one of the U.K.'s biggest banks with total assets of around $1.4 trillion as of 2021.
- "This shows that although crypto faces significant hurdles, due to the macro environment and a lack of buyers, financial institutions are showing an increase in interest, and the long-term value continues to expand," Sotiriou said.
- Neither Barclays nor Copper immediately responded to requests for comment.
UPDATE (14:17 UTC July 25 2022): Amends to add comment from Marcus Sotiriou.
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