Barclays grabs stake in £2bn crypto firm Copper

British banking giant Barclays has taken a stake in crypto custody and prime broking firm Copper, which counts former Chancellor Philip Hammond among its advisers. 

According to Sky News, the investment is expected to be completed within the coming days.

Established in 2018 by Dmitry Tokarev, Copper aims to make storage and crypto purchasing "even easier" for institutional investors compared to other traditional financial service offerings. 

This marks the second time this year that Barclays has invested in a crypto firm. In May Goldman Sachs and Barclays invested in Elwood Technologies, a crypto trading platform and technology provider founded by British hedge fund billionaire Alan Howard. 

Barclay's decision to pump money into Copper and Elwood Technologies suggests the bank's growing interest in crypto infrastructure. 

The move also underlines the industry's ability to attract investment despite markets continuing on a downtrend.  

Data from CoinTelegraph suggest venture capital investment into crypto companies hit £12bn in the first quarter of 2022, 48 per cent of all the capital investment in 2021. 

In July, Copper started its Series C funding round, having already attracted investment from notable players in the venture capital sector: Dawn Capital and LocalGlobe put money down in Copper's last raise.  

At present, total fundraising for Copper sits at £70m with a current valuation of £2bn

Barclays and Copper have not responded to requests for comments.