Copper, a UK-based supplier of crypto custody service and buying and selling expertise, has raised $25 million in an extension of its Sequence B funding spherical. The fundraise was led by Alan Howard, proprietor of Elwood Asset Administration, an funding agency centered on cryptocurrencies and blockchain expertise, per an announcement.
The precise quantity contributed by Howard hasn’t been revealed, however in response to sources accustomed to the matter, the British billionaire invested not less than $12.5 million, the Financial Times reported. The remainder of the increase is known to have come from the corporate’s present traders.
Final month, Copper introduced the closure of a $50 million Series B financing spherical, which was co-led by enterprise capital companies Daybreak Capital and Goal World.
Based in 2018, Copper gives digital asset custody, prime brokerage, and settlement companies to conventional asset managers looking for publicity to cryptocurrencies. The agency has developed a proprietary buying and selling expertise, ClearLoop, which connects crypto exchanges and presents offline storage of funds whereas trades are executed.
Final summer time, the expertise was expanded to assist over-the-counter (OTC) derivatives buying and selling.
Beneath the phrases of the deal, Copper and Elwood Asset Administration have entered right into a strategic partnership, which is able to see the 2 firms collaborate on “crypto buying and selling expertise and prime companies serving institutional traders”, stated James Stickland, the CEO of Elwood.
Howard’s $12.5 million funding in Copper is certainly one of a quantity that the co-founder of Brevan Howard Asset Administration has made within the crypto area. Final month, the billionaire—together with Mike Novogratz of Galaxy Digital, PayPal and Palantir co-founder Peter Thiel and Moore Capital Administration CEO Louis Bacon—backed a $10 billion funding spherical for Bullish World, a brand new crypto alternate launched by Block.one.
Howard’s different investments embody Bottlepay, a UK-based Bitcoin pockets and funds app, digital asset supervisor Coinshares, German neobroker Nextmarkets and crypto custodian Komainu. Earlier this week, Howard invested $4 million in Kikitrade, an Asia-based crypto buying and selling and funding platform.
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