Barclays Plans to Buy a Stake in Crypto Platform Copper

The UK-based financial giant, Barclays is reportedly investing a ‘decent’ amount in Copper, one of the fastest-growing companies in the institutional crypto space. According to Sky News, Barclays is joining several other new investors in Copper’s funding round.

The report added that the fundraising is expected to be finalized within the next few days. Amid the latest crypto winter, digital asset firms are witnessing major challenges in fundraising around the world.

Founded by Dmitry Tokarev in 2018, Copper received backing from some of the prominent names in the global venture capital sector. In May 2021, Copper raised $50 million in its Series B funding round co-led by Dawn Capital and Target Global. In the following months, the crypto firm witnessed rapid growth.

In May 2022, Copper received Swiss regulatory approval. The company received approval for membership in the Swiss Financial Services Standard Association (VQF) through its entity in Zug. Additionally, the crypto platform announced plans to expand its global operations. Barclays, on the other hand, is planning to close dozens of branches across the UK in 2022.

Crypto Winter

Since the start of 2022, the crypto market cap has dropped by almost $2 trillion. As a result, several leading firms in the crypto ecosystem have closed their operations. Three Arrows Capital and Celsius became the latest victims of the crypto market crash as both firms have filed for bankruptcy in the past few weeks. Amid challenging conditions, valuations across the financial technology and crypto ecosystem have decreased significantly.

Earlier this month, blockchain security firm Halborn secured $90 million in its Series A funding round led by Summit Partners. Castle Island, Digital Currency Group, Brevan Howard, Third Prime, Sky Vision Capital and Fenwick also participated in the round.