Barclays to fund crypto firm Copper

UK-based banking giant Barclays is joining a funding round with other investors for crypto financial services firm Copper.

The funding round is set to finalize in the next few days, and would see Barclays own a stake in Copper.

Sky News reports that Barclays is expected to invest a “relatively modest sum in the millions of dollars.”

According to The Block, Copper had targeted an evaluation in the billions of dollars but ran into British regulatory road blocks.

Last year, the firm raised $50 million in a Series B funding round and later an additional $25 million from billionaire British macro investment legend Alan Howard.

Copper counts former UK chancellor Philip Hammond among its roster of advisors.

Copper offers institutional investors custody, prime broking and settlement services.

Before this planned investment into Copper, Barclays previously invested in institutional crypto services provider Elwood Technologies in May, joining Goldman Sachs and Mike Novogratz’s Galaxy Digital in a funding round that valued the company at $500 million.