Barclays bank is set to take up a £2bn stake into digital asset service provider Copper, according to Sky News.
Barclays is among a host of investors in the crypto platform during the firm’s most recent funding round, which is expected to be finalised ‘within days’.
Despite the recent downturn in the crypto market over the past several months, Barclays is doubling-down on its commitment to the future of cryptocurrencies with its latest move.
The UK bank also lended monetary backing into UK trading platform Elwood last May during a $70m investment round headed by Dawn Capital and Goldman Sachs.
Ex-Chancellor Lord Phillip Hammond is also noted as a senior advisor and investor of Copper. Lord Hammond’s role is defined as a custody, prime broking and settlement service advisor for institutions seeking to enact money into crypto assets.
Copper was founded in 2018 and is recognised through the launch of its ClearLoop product, enabling other crypto exchanges to connect and agree upon real-time settlements across the network.
The crypto firm has also acquired the attention of investors from the global venture capital sector, with names such as LocalGlobe, MMC Ventures and Dawn Capital all investing in the company.
Copper was initially aiming for a $3bn valuation during its latest capital raise but has halted on the plans. This is mainly due to the current ‘crypto winter’ that has heavily decreased the value of many cryptocurrencies.
The UK Treasury proposed preliminary debates on the newly unveiled extension of the UK Markets bill, which aims to address a regulatory framework surrounding cryptocurrencies and stablecoins within the country.
Despite this recent push for crypto regulation, Sky News has reported that Copper has ‘grown frustrated with the approach of UK financial regulators’, opting to push plans for an establishment in Switzerland.