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.
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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