Copper, a provider of crypto services for institutions, is negotiating an impressive funding round of $500 million. If it’s achieved, the company would get a $2.5 billion valuation. The round would likely come together before the end of the year, Business Insider reported Thursday, citing insiders.
Copper obtains $75M from venture capitalists
Copper, founded as recently as 2018, announced plans to expand into Asia and the US. The company recently obtained an investment of $75 million (£55 million) from hedge fund manager Alan Howard and two VC firms, Dawn Capital and Target Global. According to a statement from Copper, Hammond will be tasked with promoting the UK as a world digital asset technology leader, The Guardian reported.
Copper CEO Dmitry Tokarev said:
We would like to drive growth in our client base within a regulatory framework which will allow us to thrive globally from our London headquarters. The centerpiece of Copper’s infrastructure is its ClearLoop tool, intended to allow institutional investors to hold on to assets until just before a trade is executed so they can retain their trading capital while trades are initiated.
Former U.K. Chancellor Philip Hammond recently joined Copper as an advisor. Lord Hammond, an early supporter of crypto, was thought to be one of the wealthiest ever cabinet ministers. His fortune has been estimated at £8.2 million.
Last month, Hammond was criticized by Westminster’s lobbying regulator for using his government connections to help a bank, which he advises, Invezz reported. Hammond contacted a high-standing official with the Treasury about a project developed by OakNorth, the bank in question. This invoked the wrath of Lord Eric Pickles, a former cabinet colleague, who termed Hammond’s use of his contacts ‘inconsistent’ with rules.
Hammond calls Copper a “true pioneer” of investment technology related to crypto and digital assets, according to The Guardian. He says:
The really exciting opportunity lies in the application of this technology to revolutionize the way financial services are delivered. If we can bring together the best of Britain – entrepreneurs, industry, government, and regulators – to create and enable a blockchain-based ecosystem for financial services, we will secure the UK’s global leadership in this field for decades ahead.
On October 7, CoinDesk reported that ETP issuer 21Shares has tapped infrastructure provider Copper for its custody requirements. ClearLoop, which intends to allow institutional investors to hold on to assets until just before a trade is executed, transfers the assets to the buyer on completion.
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