Copper, a U.K.-based digital assets provider, has raised $8 million in a Series A funding round.
A press release from the company notes that they plan to use the money to expand services globally, especially into the key markets of Asia and North America.
The startup also aims to use the funds to add to its existing features and offerings. According to the firm, its focus is to give clients access to trading facilities that match major traditional brokerages.
Institutional investors who contributed to the funding round included London-based venture capitals LocalGlobe and MMC Ventures. The round also attracted German-based investment company Target Global, whose aim is to provide funding to Europe-based firms seeking to establish a global presence.
Copper’s $8 million series A round follows a seed round in 2018 that saw the firm raise $1.3 million.
Funding A Show of Confidence in Copper
Commenting on the funding round and what it gives Copper, founder and CEO Dmitry Tokarev noted:
“This venture funding round is a real vote of confidence from investors. Their support will allow us to accelerate our scale up, hiring teams in key regions and introducing new products and services to better meet their needs.”
According to Tokarev, having the support of institutional investors would see the crypto custody provider grow its services into “a global offering.”
Apart from rolling out more client-facing services in key Asian and North American markets, Copper plans to introduce new features that will benefit all of its institutional customers.
In Tokarev’s view, most of the crypto custody solutions to hit the market since 2017 have failed to meet institutional client needs. Companies that build crypto custody solutions, Tokarev added, have “built for an institutional framework that doesn’t exist yet, and is unlikely ever to [exist].”
That, the former CTO of asset management firm Dolphin Wealth Management said, had left many institutional investors “discouraged.”
Copper’s Walled Garden offers a multi-signature custody service to a growing number of financial institutions and other big-money investors. The firm recently partnered DV Chain to provide more liquidity to institutional investors. And the company now targets adding to its prime brokerage services by rolling out a margining facility.
Copper launched its crypto custody infrastructure in June 2019. By September, trading volume had grossed over $500 million. Since then, the company’s monthly trading volume has averaged around $500 million.
Coinbase Custody also recently announced its expansion plans targeted at reaching more European based clients. Similar efforts are being undertaken by Bakkt and ErisX.
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