- 9 August 2022
- Posted by: Cryptovalues
- Category: Cryptovalues News, World News
Funding rounds by traditional financial players betting on companies working in the digital sector continue.
At the end of May, Barclays together with Goldman Sachs had invested in Elwood Technologies, a platform that aims to provide institutional-level access to cryptocurrency markets.
But Barclays decided to continue its investment in the sector and chose London-based Copper.
This company provides custody, prime brokerage and settlement services to institutional investors in cryptocurrencies. The company serves over 400 clients, including traders, family offices and cryptocurrency funds. It uses its proprietary ClearLoop technology to connect 45 cryptocurrency exchanges with instant offline settlement through its integrated networks.
Copper obtained regulatory approval in Switzerland through a Swiss entity in Zug in May.
It became a member of the Swiss Financial Services Standard Association (‘VQF’) after meeting anti-money laundering requirements. The VQF is the self-regulatory organisation authorised by the Financial Market Supervisory Authority in Switzerland.
The idea of Copper’s top management was to achieve a valuation of USD 3 billion by benefiting from the euphoria of late 2021, but at the moment, the company has scaled back its ambitions, crystallising its valuation at USD 2 billion.
Barclays will invest a few million dollars in the company as part of a new funding round that will be completed in a few days, although the dynamics behind the deal are not fully known.
Yet another demonstration of the strength of the sector with big banks that want crypto, and if they cannot include it in their portfolio, they perceive its growth potential and want to do business with the many collateral services that revolve around it.