Sky News has reported that Barclays is participating in a funding round of digital asset custody provider Copper.co, which values the startup at $2 billion, citing unnamed sources. The company raised a $75 million Series B in 2021 after extending the round. Last November, Bloomberg reported the company was negotiating with Tiger Global, SoftBank Group and Accel about a $500 million round at a $3 billion valuation. Much has changed for Copper since then.
On the plus side, State Street Digital announced that Copper would be its technology provider for digital asset custody. On the other hand, November saw the peak of the cryptocurrency market. Hence the crypto crash will have impacted that valuation.
Additionally, at the end of June, the UK-based company was informed that it failed to get UK regulatory approval from the FCA, which mainly covers anti-money laundering compliance. Perhaps in anticipation, in May, it was accepted by the Swiss self-regulatory organization, the Swiss Financial Services Standard Association (VQF).
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