A representative for Copper refused to give any comment regarding Barclay's acquisition.
Barclays, one of the biggest UK-based banking firms, has recently announced that it would be purchasing a stake in a crypto-driven company Copper for an undisclosed amount of money, amid the current crypto bear market.
According to the official announcement issued on July 24th, Barclays joins a big list of companies pouring significant amounts of money into Copper’s funding round, which will reportedly reach its end in the next few days.
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The official report also read that Copper, providing custody and settlement services to institutional investors since 2018, has received attention from well-known companies, including MMC Ventures, Dawn Capital, and LocalGlobe.
Sophie Arnold, head of communications for Copper, commented on the news about the latest acquisition and noted that the company doesn’t have any comment yet, as the funding round hasn’t closed. Last year, the crypto infrastructure provider raised $50M in a Series B funding round co-led by Dawn Capital and Target Global to boost its presence in the market.
Copper has also revealed its plans to develop a hub in Switzerland in the upcoming future, despite the harsh crypto market conditions when the most prominent cryptocurrency Bitcoin (BTC) plummeted to $21,081, down 3.75% in the last 24 hours.
On top of that, the news of the acquisition arrives amidst numerous crypto companies laying off a big portion of their employees, including Coinbase, Celsius, Gemini, Banxa, Huobi Global, Crypto.com, Vauld, Robinhood, and others.