London-based crypto custodian Copper Technologies has raised $196 million in new funding this year, according to company filings with the U.K. government.

The new funding is part of an ongoing Series C investing round in the company. Of the $196 million, $181 million came from new and existing shareholders, with the rest coming from a convertible loan note.

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The valuation of the firm was not known, and the company reported a loss of $16 million in 2021, up significantly from $4.1 million in 2020. Copper didn't immediately respond to a request for comment.

CoinDesk reported this summer that Copper was looking to close a funding round soon that had been delayed from 2021. At the time, the company was looking to be valued at around $2 billion, down from the $3 billion valuation it was reportedly seeking in November 2021.

Bloomberg first reported on Copper’s latest funding round.

CORRECTION (Oct. 12, 2022 20:05 UTC) – Fixes Copper's name in the headline.

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Crypto Custodian Copper Raises $196M in Series C Funding Round

The company also reported a loss of $16 million last year, up from $4.1 million in 2020.

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