Copper, a London-based custodian and prime brokerage provider for digital assets, has raised $8 million in a Series A funding round. Institutional investors in this round include international investment firm Target Global, LocalGlobe and MMC Ventures.
Copper enables institutions to acquire, store, and trade digital assets in a manner which satisfies global investors and regulatory standards. The company’s multi-signature safeguarding application allows institutions to have complete certainty that their capital is not at risk of theft, whether it be from hackers or bad players in the industry.
The latest funding, which follows a previous $1.3 million Seed round in 2018, will be used to develop regional client facing operations in key geographies around the world such as North America and Asia. It will also accelerate the launch of new products that give their institutional clients more investment options.
“We believe that the crypto market is lacking infrastructure enabling secure storage, seamless transfer and settlement of digital assets”, said Mike Lobanov, General Partner at Target Global.” Unlike many startups in the crypto market, Copper is built for asset managers by asset managers themselves. Copper’s infrastructure provides institutions with traditional prime brokerage services for the crypto world. Being the first in the market, Copper’s Walled Garden allows secure and instant trades across different exchanges, which is a fundamental breakthrough in the market.”
The latest funding came after Copper announced that it will provide prime brokerage services for Europe’s leading UK-regulated institutional manager of digital assets, Nickel Digital Asset Management, on its second fund Digital Gold Institutional. Fidelity Digital Assets was selected as prime custodian for the fund.
“Copper was always designed to be a global offering. Since 2017, we have seen many crypto custody solutions emerge that don’t fully meet the needs of institutions. Instead, they have built for an institutional framework that doesn’t exist yet, and is unlikely ever to, leaving institutions discouraged”, said Dmitry Tokarev, Founder and CEO of Copper. “Our Walled Garden and Prime Brokerage infrastructure truly looks after the security and trading needs of institutions, regardless of their investment strategies and goals. We are seeing volumes increase as our clients see the advantage of our prime brokerage solution, which allows them to make transactions across many trading venues securely and efficiently. This venture funding round is a real vote of confidence from investors. Their support will allow us to accelerate our scale up, hiring teams in key regions and introducing new products and services to better meet their needs.”
Source: Read Full Article