Capital markets News

Digital asset custody firm Copper raises $50 million

digital asset custody

Today London-based Copper announced it raised a $50 million Series B for its digital asset custody and infrastructure. The round was co-led by Dawn Capital and Tiger Global. This follows a February 2020 Series A that raised $10 million.

The 2018 founded company says it serves 200 clients, including exchanges, trading firms and private banks. Copper will use the proceeds to open offices in the U.S. and Asia, expand its team and further develop its product suite.

Apart from custody, it has its ClearLoop network to link with exchanges and real-time post-trade settlement.

“It is no secret that interest in owning digital assets has grown exponentially, evident from the influx of institutional investors in Bitcoin, as well as other layer one protocols like Ethereum and Ripple,” said Dmitry Tokarev, founder and CEO of Copper.

Other investors include Illuminate Financial Management, LocalGlobe and MMC Ventures, as well as several fintech entrepreneurs.

Meanwhile, several other digital asset custody firms have either been acquired or attracted large investments of late. Galaxy acquired BitGo for $1.2 billion and PayPal bought Curv for around $200 million. Last week PolySign raised $53 million last week, Finoa raised $22 million last month, and Fireblocks raised a whopping $133 million.