Despite the waning interest in the digital assets market due to the crypto winter, Copper has convinced one of the biggest banking sharks, Barclay’s, to invest millions of dollars.
The United Kingdom’s biggest bank Barclays with total assets of $1.4 trillion, showed interest in the crypto custody firm Copper. The investment decision was pending from last November. However, Copper had reached a valuation of $2 billion amidst the declining crypto market, which was supposed to be $3 billion if the scenario had been the opposite.
The report was confirmed by Sky News, though the amount of funding has not yet been declared.
Copper was founded by Dimitry Tokarev in the year 2018 and provides services like prime broking, custody services, and settlement services to institutional investors. Moreover, the digital assets firm devised a trading technology called “ClearLoop”. The system provides offline storage of funds to prevent theft and fraud.
“This shows that although crypto faces significant hurdles, due to the macro environment and a lack of buyers, financial institutions are showing an increase in interest, and the long-term value continues to expand,” says Marcus Sotiriou, an analyst at GlobalBlock.
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