Barclays Intends to Purchase a Stake in Digital Asset Custodian Copper

UK-based financial conglomerate Barclays plans to acquire a stake in London-based custody service Copper, Sky News reports.

According to the media, the bank will invest “a relatively modest amount of millions of dollars.” The crypto company will complete the fundraising in “a few days.”

Copper also plans to raise $500 million and hit a $2.5 billion valuation. According to the publication, this amount could actually be lower due to the current market conditions.

The company, which was founded in 2018, provides institutional investors with prime brokerage services, as well as settlement and custody of digital assets.

Copper raised in May last year $50 million in a Series B funding round led by investment firm Target Global and venture capital fund Dawn Capital.