UK Multinational Bank Barclays Plans to Invest in Crypto Custody Firm

• Copper was planning to raise at least $3 billion.
• In May, Copper received Swiss regulatory approval.

While bankruptcies continuously increase in the cryptocurrency market, the largest multinational bank in the UK, Barclays, intended to invest in Copper, one of the most well-known cryptocurrency custody firms in the fast-growing industry. 

According to a report, the UK-based lender is one of many additional investors joining the funding round for Copper.  Barclays is expected to make a significant investment in millions of dollars as part of the round. The fund-raising is expected to come to an end in a few days.

Copper Continues Growth

Early in the year, Copper was planning to raise at least $3 billion in its most recent funding round, then, the company pulled that back in line with the increasing crisis in the crypto market, as per the report.

Following that, In May, Copper received Swiss regulatory approval rather than the UK, since the custody firm was unsatisfied with the position adopted by the financial regulators in the UK. 

Also, Copper collaborated with StateStreet to launch its new digital asset service recently. And, it has already drawn investment from a number of significant global venture capital firms, including MMC Ventures, LocalGlobe, and Dawn Capital.

Additionally, Barclays and Circle collaborated to launch a payment app in 2016 that allowed users to change Bitcoin into British Pounds. In order to conduct research in areas like distributed ledgers and smart contracts, the bank unveiled a new venture arm in 2018.

A significant financial institution has declared bankruptcy or halted withdrawals, including Three Arrows Capital, Celsius, and Voyager Digital, which has reduced confidence in the firm’s historically rapid growth.