As the crypto market resurges to get over the trend of bankruptcies, a UK banking giant, Barclays has decided to foray into the cryptocurrency industry by taking a stake in Copper, the institutional gateway to digital asset investing.
According to Sky News, Copper is regarded as one of the most prominent names in the fast-growing crypto sector where bankruptcy has become the order of the day over the past weeks.
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The report stated that the banking giant, which counts former chancellor Lord Hammond among its advisers, is among the new investors joining the funding round for Copper. And the fundraising is expected to be finalized within days.
Copper was founded in 2018 by Dmitry Tokarev to provide custody, prime broking, and settlement services to institutional investors interested in crypto investment.
Since the firm was launched, it has managed to attract big names in the global venture capital sector, including LocalGlobe, Dawn Capital, and MMC Ventures.
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Earlier this year, it was reported that the firm was aiming for at least a $3 billion valuation in its capital raise, but this has been scaled back due to the current situation in the crypto industry.
A number of major market participants, including Celsius and Three Arrows Capital (3AC), have been massively affected by the current bearish cycle in the crypto ecosystem, which led them to file for bankruptcy in recent weeks. Obviously, the effect of this bear market has overshadowed the euphoria of the growth recorded in the sector back in 2021.
Currently, Copper is establishing a hub in Switzerland to serve as the best alternative to the UK. The firm took this step after growing frustrated with the approach of UK financial regulators.
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