Barclays to buy a stake in crypto specialist Copper

This funding round is expected to be finalised within the next few days

Barclays logo as seen on a smartphone in front of its logo on computer screen                                 
Barclays is to buy a stake in Copper amid a funding round the crypto firm is holding – Photo: Getty Images
                                

Barclays is to buy a stake in digital asset investment specialist Copper amid a funding round being held for the crypto firm.

The British multinational universal bank is said to be investing millions of dollars into Copper, which specialises in cryptocurrency custody and trading for institutional investors, Sky News has learnt.

The funding round for Copper, which was founded by CEO Dmitry Tokarev in 2018, is expected to be finalised within the next few days.

Former UK chancellor Hammond senior adviser for Copper

In October 2021, Lord Philip Hammond, former UK chancellor, joined Copper as a senior adviser, which includes providing strategic advice to the Copper team.

At the time Lord Hammond said: “Copper is a true pioneer of digital asset investment technology, innovating the highest standards of security and trading for financial institutions.”

Copper has now established a hub in Switzerland.

Copper’s partnership with Formula E

In January 2022, Copper announced a multi-year partnership with the Formula E World Championship, which meant it became the Official Digital Asset Services Partner of Formula E.

Formula E, officially the ABB FIA Formula E World Championship, is a single-seater motorsport championship for electric cars.

Copper branding features trackside in various cities around the world where the single-seater motorsport championship for electric cars takes place, including in London, New York, Jakarta and Berlin.

In February, Tokarev told Currency.com that he feels out of all sports “motorsports has particularly embraced crypto”.

Tokarev added “Big, well-known sporting organisations partnering with crypto firms is without a doubt a positive development for our industry. Motorsports has particularly embraced crypto, as we have seen from major partnerships over the last three years between the likes of FTX, Mercedes and F1 to name just a few.”

Copper declined to comment to Currency.com and Barclays did not respond to Currency.com’s request for a comment.

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