Although the crypto market has been on a bearish run, several companies continue to invest in crypto-based firms. However, reports show that the bearish market has reduced the number of funding for crypto firms.
Global financial company, Barclays PLC, has stated that it would invest funds in the crypto company Copper. This investment is part of fundraising for the crypto company.
According to sources, the banking firm will complete the investment in a few days. Before now, Barclays had invested funds in Elwood Technologies. Elwood provides crypto trading software services to companies.
Copper provides services such as settlement services, prime brokerage, and custodian services to organizational investors. The firm has about 400 clients, traders, and cryptocurrency funds.
Copper Downscales Its Valuation In Switzerland
During the 2021 cryptocurrency bull market, the firm tried to raise over $500 million in a $3 billion Series C funding. As of then, the company was talking with Accel, SoftBank Group, and Tiger Global to be part of the funding.
However, this was not possible due to its issue with regulators in the UK. Afterwards, the company reduced its funding to about $2 billion in Switzerland.
This was after it obtained regulatory permission from the regulator in May. After meeting AML requirements, Copper became part of the VQF (Swiss Financial Services Standard Association).
VQF is a regulating body approved by Switzerland’s FSMA (Financial Market Supervisory Authority). Meanwhile, Copper has received over $50 million in Series B funding from Target Global and Dawn Capital. Both firms are software VC firms.
Copper Provides Custodian Services For Holoride
Meanwhile, MMC Ventures and LocalGlobe had took part in the Series B funding as angel investors. LocalGlobe is a London-based company that has invested in quantum computing, AI, and metaverse businesses.
Meanwhile, MMC Ventures has invested in other platforms. They include businesses that deal with digital health, financial firms, and Cloud computing infrastructures.
Recently, the Copper firm collaborated with a Munich-based firm, Holoride. Holoride is the first developer of the immersive in-vehicle VR experience. It connects extended reality with data from the car in real-time.
Through this partnership, Copper will offer custodian services for the company’s $RIDE token. This token is a pioneer mobility token used for transportation apps.
The Elrond blockchain houses the tokens, which are listed on several platforms. Some include BitMart, MEXC, and gate.io. Institutional players can easily manage their RIDE tokens with Copper’s custodian service.