UK startup Copper.co, the custodian for digital assets, has raised a over €7.3 million Series A to grow globally, by expanding its commercial team and launching new products.
Copper, founded in 2018, believes that the cryptocurrency industry should be available and accessible to everyone. Its solution aims to be a response to what it describes as a lack of reliable custody and execution services, which have left many institutional investors locked out of the market. Copper has, in turn, developed a secure and easy-to-navigate platform, designed for investors that require dedicated account management and professional custody and execution services.
The institutional investors in this round include leading international investment firm Target Global, LocalGlobe and MMC Ventures. Copper will use the funds 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.
Mike Lobanov, Target Global, commented: “We believe that the crypto market is lacking infrastructure enabling secure storage, seamless transfer and settlement of digital assets. 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.”
Oliver Richards, MMC Ventures, said: “Following some extensive Blockchain research we are incredibly excited to back Dmitry and the Copper team as our first investment in this space. This team has achieved impressive progress to date driven by their deep understanding of the finance industry and their technology expertise. Institutional interest in digital assets is growing and we believe Copper offers a compelling and unique solution to firms looking to invest.”
Remus Brett, Local Globe, commented: “At LocalGlobe, we have first-hand experience of the challenge of managing digital assets to the standards required of institutional investors since our first exposure in 2018. Whilst crypto is still far from a mainstream asset class, growth in global institutional demand is only going to increase. Copper’s founders’ deep understanding of its clients’ challenges, needs and existing references provides a great platform for market leadership.”
