Copper, a UK-based supplier of crypto custody service and buying and selling know-how, 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 targeted on cryptocurrencies and blockchain know-how, per an announcement.
The precise quantity contributed by Howard hasn’t been revealed, however in accordance with 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 buyers.
Final month, Copper introduced the closure of a $50 million Series B financing spherical, which was co-led by enterprise capital corporations Daybreak Capital and Goal International.
Based in 2018, Copper supplies digital asset custody, prime brokerage, and settlement providers to conventional asset managers in search of publicity to cryptocurrencies. The agency has developed a proprietary buying and selling know-how, ClearLoop, which connects crypto exchanges and gives offline storage of funds whereas trades are executed.
Final summer time, the know-how was expanded to assist over-the-counter (OTC) derivatives buying and selling.
Underneath the phrases of the deal, Copper and Elwood Asset Administration have entered right into a strategic partnership, which is able to see the 2 corporations collaborate on “crypto buying and selling know-how and prime providers serving institutional buyers”, mentioned James Stickland, the CEO of Elwood.
Howard’s $12.5 million funding in Copper is one in every of a quantity that the co-founder of Brevan Howard Asset Administration has made within the crypto house. 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 International, a brand new crypto trade 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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