With more crypto companies struggling to stay afloat or going bankrupt, Barclay’s Bank – the largest with a global presence – wants to invest in this sector. Copper, a well-known player in the crypto custody arena will draw investment from Barclays.
Copper had plans to raise $3 billion plus in funding as it received approval from Swiss regulators earlier this year in May. Barclay’s is one of many investors providing funding for this company and it intends to invest significantly. Fundraising efforts will end in a few days. Though Copper had plans to raise $3 billion or more, it adjusted its plans due to the crypto crisis and stock market turmoil.
Copper applied for and got approval from regulators in Switzerland and not the UK. This choice was made because the company did not like the atmosphere and position taken by UK’s financial regulators. Copper also partnered with StateStreet Bank to launch a new service for digital assets recently. The company has had a lot of global VC firms like LocalGlobe, MMC Ventures and others invest and get a stake.
Barclay’s Bank partnered with Circle in 2016 to launch an app which permitted users to change their BTC into pounds sterling. The Bank also unveiled a new department whose work was to conduct research in areas like smart contracts and distributed ledgers in 2018.
In other news, well-known companies like 3AC, Voyager and Digital have become bankrupt, while others have stopped investor withdrawals. These developments have impacted Copper’s rapid growth and prospects of raising capital.