Copper, according to the report, is looking to raise new funds from major investors across the country and counts Barclays among those with an imminent splash via fresh financing.
UK-based financial services giant Barclays is investing a modest amount in Copper, expected to be in the region of a few millions of dollars.
Copper’s series C funding round
The bank’s stake in the crypto custody provider is part of a funding round announced in 2021 but which is only coming to a conclusion due to various reasons, including the investor slowdown amid the crypto winter.
The series C round sought $500 million at a $3 billion valuation at the time, but that has shrunk to about $2 billion owing to the tough market conditions.
Despite this, the raise sees Copper count one of the largest retail banking and credit cards providers in the world among its investors. Already, high-profile backers include leading venture firms like LocalGlobe, MMC Ventures and Dawn Capital.
The funding round is set to finalise within the next few days, the Sky News report added.
Copper, which also offers prime brokerage services to institutional investors seeking investment exposure across the crypto space, launched in 2018. The crypto company recently added Lord Phillip Hammond, the former Chancellor of the Exchequer, to its team as a senior advisor.