British top bank, Barclays is reportedly set to acquire a stake in Copper, a british crypto company in a kove that has been considered shocking due to the significant decline of the global cryptocurrency sector with many UK authorities against the move by the financial institution.
According to a coverage by Sky News, the fourth biggest bank in the United Kingdom, Barclays has joined a growing number of companies investing in the digital asset custody firm – Copper. The banking institution is expected to distribute millions of dollars and acquire a stake in the latter. The financing is said to be finalized in the following days.
Found in 2018 and based in London, Copper provides infrastructure and brokerage services for cryptocurrency investors. It is worth noting that its Senior Advisor is Philip Hammond (former Chancellor of the Exchequer from 2016 to 2019).
Barclays’ investment in Copper comes at a time when many crypto firms across the globe lay off some of their staff or announce severe disruption in their operations. Some of those include Three Arrows Capital, Celsius, Vauld, CryptoCom, Gemini, and more.
Unlike those organizations, Copper does not intend to push the breaks. Unsatisfied with the British financial regulators, who are not so kind to the digital asset sector, the firm plans to establish a hub in Switzerland.