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The ongoing Series C venture round has seen $196 million invested for cryptocurrency custodian Copper. The most recent instance of money going to startups with digital assets notwithstanding the weak market. As of June, the company had raised $181 million from new and existing stockholders and issued a $15 million convertible loan note. Bloomberg published this on Wednesday. A company representative told Blockworks that money had been raised.
Crypto Custodian Copper Raises $196M in Series C Funding Round
A spokeswoman for Copper declined to comment on the timing and price at which the business plans to close the deal and the valuation that will follow. 2018 saw the establishment of Copper, which offers institutional investors custody, prime brokerage, and settlement services. The new funding coincides with the company hiring several seasoned professionals in traditional finance this year.
The organization brought ex-Citi leader Sabrina Wilson as head working official in Spring. The equivalent recruited five previous Bank of America Merrill Lynch workers the next month. This was to lead the extension of its excellent business.
Copper all the more, as of late, tapped Tim Neill, a previous Mastercard leader, as boss gamble official. Beforehand he had worked at Deutsche Bank, Standard Chartered Bank, and the London Stock Exchange Group. Neill told Blockworks recently that he intended to port his financial foundation to working out and refining DeFi-arranged items. Copper completed $10 million in Series A funding in 2020 and then $50 million in Series B funding in May of the previous year. Target Global and Dawn Capital jointly led the latter financing.
According to a November 2017 Bloomberg story, Copper was negotiating with investors for a funding round of about $500 million. This would have given the company a $3 billion valuation. With bitcoin and ether values down more than 70% from their all-time highs in November, the cryptocurrency markets have now collapsed. According to a July report by Sky News, the European bank Barclays invested in Copper’s most recent financing at a $2 billion valuation.