Barclays takes a stake in Copper

Barclays is entering the cryptocurrency space with by taking a stake in crypto firm Copper, as part of the crypto startup’s latest funding round.

According to Sky News, Barclays has committed a “decent” amount towards Copper’s latest funding round, marking another major move into this space by a large financial institution.

The funding round is ongoing, the report noted, and is expected to wrap up in the next couple of days.

Copper was founded in 2018 by Dmitry Tokarev and has been one of the most prominent names in the venture capital sector.

Copper’s previous funding round led to $50m raised in Series B funding with investors Dawn Capital and Target Global leading the investment rally.

Barclays’ investment in the sector comes despite a downturn in the industry, referred to as a “crypto winter”.

However, Copper is in a good financial and regulatory standing. The company received a permit to operate by the Swiss Financial Services Standard Association (VQF), allowing it to enter Zug.

Meanwhile, Barclays is looking for new promising investments based on blockchain technology. This comes as the company also plans to downsize the number of available branches in the UK with dozens set to go.

While the stake Barclays is buying is not announced publicly, Copper has proven an important asset to many investors out there.

Barclays already has experience with cryptocurrency. It was the first UK bank to actually support the industry and helped charities accept cryptocurrencies as a form of donation in 2015.

However, Barclays has been somewhat fussy in its choice of crypto partners, with the bank refusing to work with Coinbase and Binance.

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Source

Updated: 07/26/2022 — 08:00