Key points:
- Barclays May Buy Stake In Copper
- What Does Crypto Firm Copper Do?
- Alongside The Ethereum Merge, A Bright Phase In The Crypto Winter
Sky News has reported that the UK bank, Barclays (LON: BARC), is to take a stake in the cryptocurrency sector with a stake in the crypto firm Copper. Copper promotes itself as “the institutional gateway to digital asset investing” and offers custodial and trading solutions to institutional investors. Alongside the Ethereum Merge, if this reported development goes ahead, it would be seen as another recent positive for the industry that is enduring a crypto winter.
Barclays May Buy Stake In Copper
According to Sky News, Barclays Plc is looking to buy a stake in cryptocurrency company Copper. Sky said, “the UK-based bank is among a crop of new investors joining a funding round for Copper.” Sophie Arnold, who is head of communications for Copper, said via WhatsApp, “As the funding round is ongoing, we’re unable to comment on this report.”
Also Read: Cryptocurrency, NFTs, or Shares – Which Is the Better Long-Term Investment?
What Do Crypto Firm Copper Do?
Copper provides services to institutional investors in the cryptocurrency sector. They offer prime broking, custodial and settlement services for institutional players looking to place funds into crypto assets. The company was founded in 2018 by Dmitry Tokarev and counts the former U.K. Chancellor Philip Hammond among its advisers. On their website, Copper boasts over 500 clients, including traders, wealth companies, private banks, crypto funds and family offices, and deals with over $50 billion in monthly notional flow through Copper infrastructure. They have offices in London, New York, Singapore and Zug.
Alongside The Ethereum Merge, A Bright Phase In The Crypto Winter
Although the amount invested is understood to be modest, in the millions of dollars according to Sky News, any move into the sector by Barclays would be seen as a bright spot in the current crypto winter we have been highlighting in recent posts. The negatives include the first bankruptcy hearing for Celsius last week and various other failures since the Terra Luna collapse and the bankruptcy of the large crypto hedge fund, 3 Arrows Capital (3AC). Alongside the anticipated stake in Copper by Barclays, the prospect of the Ethereum Merge is also viewed as a positive for the crypto industry as we spotlighted last week in our post Ethereum Merge Revisited: Is It Driving Crypto Higher?