(Rejected: 1/2) U.K Crypto Custody Provider Copper.Co Raises $8 Million To Expand Its On-Demand Digital Assets Globally

Copper.co, London-based custodian for digital assets, has raised $8 million in a Series A round to grow globally, by introducing new products and expanding its commercial team.

The institutional investors in this round include two U.K-based venture capital firms, MMC Ventures and LocalGlobe, and the Berlin-based Target Global that specializes in investing in European firms. 

The London-based crypto startup said it aims to create a business presence in key regional areas like North America and Asia.  It also wants to improve the launch of new products that provide institutional clients with more investment options.

Dmitry Tokarev, Copper CEO and Founder, said: “Copper was designed to be a global providing.  Since 2017, we’ve seen several crypto custody solutions emerging that do not fully meet the needs of institutions. Such crypto custody solutions have been built for an institutional framework that does not exist, thus leaving institutions discouraged.

Dmitry commented: “Our prime brokerage infrastructure and custody technology and platform genuinely look after the trading and security needs of institutions, regardless of their investment goals and strategies. We are witnessing increasing volumes as our customers see the advantage of our prime brokerage solution that allows them to make transactions across several trading venues efficiently and securely.”   

Dmitry added: “This enterprise funding round is a real vote of confidence from investors. Their support would enable us to develop our scale-up, hiring teams in key areas, and creating new services and products to greater meet their needs.”

Dmitry founded Copper.co after having witnessed the increased demand from institutions to enter the digital asset space but finding not appropriate services to enable them to do so securely and effectively.

 Remus Brett, an investment partner at LocalGlobe, stated: “Since our first time in business in 2018, we have experienced the challenge of managing digital assets to the required standards of institutional investors. While cryptocurrency is still far from becoming a mainstream asset class, the need for global institutional demand is set to increase. Copper.co management’s in-depth understanding of clients’ needs and challenges provides a crucial platform for market leadership.” 

Oliver Richards, a partner at MMC Ventures, mentioned: “As a result of some extensive blockchain research, we are highly delighted to back Copper.co as our first investment in this space. The Copper team has accomplished excellent progress through their deep understanding of their technology expertise and the finance industry. Institutional interest in digital assets is rising, and we believe that Copper provides a unique and compelling solution to companies looking to invest.” 

Mike Lobanov, a partner at Target Global, said: “We believe that the cryptocurrency market is lacking infrastructure facilitating secure storage, seamless settlement and transfer of digital assets. Unlike several startups in the cryptocurrency market, Copper’s infrastructure offers institutions with conventional prime brokerage services for the cryptocurrency world. Copper’s custody technology and platform allow instant and secure trades across different exchanges that is a crucial breakthrough in the market.” 

Established in 2017, Copper.co believes that the crypto industry should be accessible and available to everyone. Its solution aims to respond to what is recognized as a lack of reliable custody services that have left several institutional investors that are locked out of the market. Therefore, Copper.co has developed an easy-to-navigate and secure platform designed for investors that require professional custody and execution services and dedicated account management services.