Barclays Expected to Invest 'Millions of Dollars' in Copper's Funding Round: Report

The crypto custodian is valued at $2 billion.

AccessTimeIconJul 25, 2022 at 10:28 a.m. UTC
Updated May 11, 2023 at 5:38 p.m. UTC

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.
  • Marcus Sotiriou, an analyst at digital asset broker GlobalBlock, said the bank's move "does not come as a surprise," given Barclays' prior investment in institutional crypto services provider Elwood Technologies in May.
  • "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.
  • Former CFTC Chair ‘Very Concerned’ About Funding for Crypto Regulation
    03:28
    Former CFTC Chair ‘Very Concerned’ About Funding for Crypto Regulation
  • Why Sequoia Capital Is Raising $600M to Launch New Crypto Fund
    06:39
    Why Sequoia Capital Is Raising $600M to Launch New Crypto Fund
  • Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
    06:14
    Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
  • Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
    06:14
    Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
  • UPDATE (14:17 UTC July 25 2022): Amends to add comment from Marcus Sotiriou.

    Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.