British investment bank Barclays is dipping its toes into cryptocurrency. According to UK media outlet Sky News, Barclays invested in the crypto advisor Copper during the company’s recent funding round.
According to the outlet, Barclays didn’t commit a significant amount of money, with its investment being reported at “several million.” Copper is seeking an evaluation of around $2 billion, down from the previous target of $3 billion.
Copper was founded in 2018. Its business encompasses a number of cryptocurrency aspects, but the primary goal of the company is to offer prime broking, settlement services, and custody to institutional investors who are putting their money into coins and other crypto assets.
When approached for a comment by Bloomberg, Sophie Arnold, head of communications for Copper, neither denied nor confirmed Barclays’ investment.
“As the funding round is ongoing, we’re unable to comment on this report,” said Arnold.
The shift from risky assets like cryptocurrency in recent months didn’t stop Copper from attracting a number of high-profile investors during this funding round. Still, the recent crypto market crisis and difficulties in meeting the conditions set by UK’s Financial Conduct Authority have caused the interest in the company to cool off. Copper previously managed to raise $50 in Series B funding a year ago.