Sky News reports that British banking giant Barclays is buying a stake in a Europe-based crypto custody company.
According to a Sky News report, sources familiar with the matter say that Barclays intends to invest millions of dollars in Copper, a company that aims to provide a secure infrastructure for institutions looking to invest in cryptocurrencies.
According to the report, Barclays is participating in Copper’s most recent financing round, which is due to wrap up in the next few days.
At the end of last year, Copper had its sights set on a valuation of at least $3 billion.
Copper is incorporated in Switzerland and has offices in London, New York, Singapore, Dubai and Zurich. The cryptocurrency custodian is backed by technology investment firm Target Global and early-stage venture capital firm MMC Ventures. Billionaire hedge fund manager Alan Howard is also a major investor in Copper.
Copper has more than 500 clients with more than $50 billion in capital flowing through its infrastructure each month.
Earlier this year, US banking giants Citi, BNY Mellon, and Wells Fargo participated in a Series B fundraising round for crypto infrastructure firm Talos. The Series B round raised $105 million, valuing Talos at $1.25 billion.
Other companies that participated in the Talos fundraising round included Voyager Digital, which has since filed for bankruptcy after halting trading, deposits and withdrawals.