UK-based banking giant Barclays has reportedly invested millions into crypto custody firm Copper during its latest capital raise. Having been in the works since November 2021, the long-standing talks with investors concluded with Barclays taking a stake in Copper, which provides custody, prime broking and settlement services to institutional investors.
The investment comes amid a lash of losses for the crypto industry as billion-dollar firms declare bankruptcy, and stringent regulation as a method of response is becoming a real possibility.
Copper has continued its rise as a serious player in the crypto-industry announcing its Series-C capital raise in November 2021, six months after closing a $50 million Series-B raise.
Being one of the top-four banks in the United Kingdom, Barclays is seemingly circling the crypto space once again, having previously accepted bitcoin as a form of donations to charity in 2015.
While the investment from Barclay's is small relative to their total investments, the continued institutional involvement in crypto-asset providers sends an important message and shows how blockchain and crypto continues to become more mainstream.
Barclays has not always been accepting of crypto, having denied banking services to Binance and Coinbase in the past. The investment could encourage further education and understanding into the space for Barclays and other institutional investment companies.
The fundraising is expected to be finalised within the coming days.