Sky News reports that British banking giant Barclays is buying a stake in a Europe-based crypto asset custody company.
According to a Sky News report, sources familiar with the matter say Barclays is looking to invest millions of dollars in Copper, a firm aiming to provide a secure infrastructure for institutions looking to invest in crypto.
[adinserter block="1"]According to the report, Barclays is participating in Copper’s latest funding round, which is expected to be finalized in the coming days.
Late last year, Copper was eyeing a valuation of at least $3 billion.
Copper is incorporated in Switzerland and has offices in London, New York, Singapore, Dubai and Zurich. The crypto custody firm is backed by tech investment firm Target Global and early-stage venture capital firm MMC Ventures. Billionaire hedge fund manager Alan Howard is also one of Copper’s prominent investors.
Copper touts more than 500 clients with over $50 billion of capital flowing through its infrastructure per month.
Earlier this year, US banking giants Citi, BNY Mellon and Wells Fargo participated in a Series B fundraising round for crypto infrastructure firm Talos. The Series B round raised $105 million, valuing Talos at $1.25 billion.
Other firms that participated in the Talos fundraising round included Voyager Digital, which has since filed for bankruptcy after halting trading, deposits and withdrawals.
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