Barclays buys stake in crypto firm Copper for $2 billion
Barclays buys stake in crypto firm Copper for $2 billion
British banking giant Barclays is set to join the investor group for crypto firm Copper
By Shashank Bhardwaj
Image: Shutterstock
Barclays is among the latest investors for digital asset firm Copper. The exact valuation of this stake is currently unclear, with reports suggesting that the British banking firm is investing “millions of dollars” in the crypto custodian. The funding round is expected to close within the next couple of days. Copper, a unicorn valued at $2 billion, was established in 2018 and has former UK Chancellor Philip Hammond as a senior adviser.
The crypto company, which has earned an eminent reputation in the rapidly changing cryptosphere, is regulated in Switzerland after failing to register with the UK’s Financial Conduct Authority. While the company had previously estimated a value of around $3 billion, it has since cut down the targeted numbers given the crypto bear market in 2022.
Barclays is not the first big name company to show interest in Copper as the crypto firm has also managed to secure investors from the global venture capital sector, such as LocalGlobe, MMC Ventures and Dawn Capital. This proves that companies are looking at crypto for the future despite the ongoing discussions surrounding the stability of the market.
