As a wave of bankruptcies continues to plague the cryptocurrency market, the largest bank in the UK, Barclays, has decided to invest in one of the most well-known companies in the crypto industry.
According to a report by Sky News from Sunday, July 24, 2022, the bank is among a group of new investors participating in the financing round for Copper. According to sources, Barclays will make a significant investment of “millions of dollars” as part of the fundraising process, which will end in a few days.
According to a Bloomberg report, Copper.co to raise funds worth about $3 billion. The company previously hired Philip Hammond, the UK’s former finance minister, as a senior adviser. Other investors such as Tiger Global, SoftBank Group and Accel will also participate in the $500 million financing round.
Copper.co in particular, provides institutional investors with various services, including custody, prime brokerage and settlement, for their investments in digital assets. Dmitry Tokarev founded the company in 2018 and has already attracted investments from many major global venture capital firms, including MMC Ventures, LocalGlobe and Dawn Capital.
Recently, major market participants, including Three Arrows Capital Celsius and Voyager Digital, filed for bankruptcy or suspended customers ‘ access to their funds, undermining trust in the crypto industry. It is therefore striking to see that a large bank like Barclays has decided to invest in a crypto Company during this time.