British financial firm Barclays will participate in a funding round for London-based custody service Copper. Reported by Sky News.

According to media reports, the bank will invest “millions of dollars in relatively modest amounts”. The crypto company will complete the fundraising in “a few days”.

It was previously reported that Copper plans to raise $500 million at a valuation of $2.5 billion. According to the publication, in the midst of the crisis in the crypto industry, we are talking about a smaller amount.

Founded in 2018, the company provides institutional investors with the settlement and storage of digital assets as well as a main broker service.

In May 2021, Copper raised $50 million in a Series B funding round led by investment firm Target Global and venture capital fund Dawn Capital.

In June, billionaire Alan Howard joined the tour with a $25 million investment in the firm.

Among Copper’s advisers is former British Finance Minister Philip Hammond. But Sky News noted that regulatory issues in the country forced the company to open an office in Switzerland.

Recall that in May, Barclays participated in a $70 million funding round for crypto services provider Elwood Technologies.

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