Barclays takes $2bn stake in crypto firm Copper

finextra.com:

Founded in 2018, Copper provides a gateway into the crypto asset space for institutional investors by offering custody, trading, and settlement solutions across 450 crypto-assets and more than 45 exchanges. The company's flagship product is ClearLoop, a framework that connects the universe of exchanges in one secure trading loop — with real-time settlement across multiple networks.

Copper, which has links to former UK Chancellor of the Exchequer Philip Hammond - a senior adviser and investor in the business - had been in discussions for nine months ahead of its $500 million Series C funding round and had sought a $3 billion valuation. The company has also drawn investors from LocalGlobe, Dawn Capital and MMC Ventures, to name a few, according to Sky.

However, the firm recently hit a roadblock over FCA policy that required digital asset service providers to apply for temporary registration in order to continue trading after setting up in crypto haven Zug in Switzerland and its partnership with State Street. In April 2022, Copper hired a team of executives from Bank of America to help build a prime brokerage offering.

Michael Roberts is now leading the new team, bringing the best part of two decades’ experience to his new role, joining from Bank of America Merrill Lynch where he was a managing director and Emea head of the bank’s prime platform. Roberts was also joined by former BAML directors Adam Groom and Paul Barham, who most recently led relationship management and product development, respectively, for BAML’s prime platform in Emea.