British banking giant Barclays is considering taking a stake in crypto financial services company Copper.
The bank joins a funding round that will include other investors and is expected to close in the coming days, according to Sky News.
Barclays is expected to invest a “relatively small sum of several million dollars”, sources told the publication.
Copper has sought to raise at least $500m in recent months, seeking a multi-billion dollar valuation, but has run into regulatory issues in the UK, as The Block previously reported. .
Last year, the company raised $50 million in a Series B funding round and later raised another $25 million from British billionaire macro investing legend Alan Howard. He counts former British chancellor Philip Hammond among his list of advisers.
Founded in 2018, Copper provides institutional investors with custody, prime brokerage and settlement services.
Barclays is no stranger to crypto, having previously invested in institutional crypto services provider Elwood Technologies, as reported by the Financial Times in May. The bank joined Goldman Sachs and Mike Novogratz’s Galaxy Digital in a funding round that valued the company at $500 million, FT sources said.
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