As part of the round, Barclays has invested an undisclosed sum. It concludes a more than nine-month delay to its USD 500 million Series C funding round where Copper had sought a USD 3 billion valuation. A declining crypto market and waning investor interest have reduced that figure to USD 2 billion.
Delays stemming from Copper’s bout with the UK’s Financial Conduct Authority over the country’s Temporary Registration Regime had muddied investor proceedings, including with recurring investor Tiger Global.
Frustrations over the UK financial watchdog’s rule, which required digital asset service providers to apply for temporary registration to continue trading, reached a fever pitch in March 2022 when Copper set up a hub in Zug, Switzerland, following a partnership with global traditional custodian State Street.
Copper provides custody, prime broking and settlement services to institutional investors. The firm previously raised USD 50 million via a Series B funding round in June 2021 with an undisclosed valuation.
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