Crypto scaleup Copper is a London-based digital asset infrastructure provider. Now, the company announced that it bagged $50 million (nearly £35 million) in a Series B funding round.
Expansion and growth plans
The oversubscribed investment round was co-led by leading B2B software investor Dawn Capital and Target Global, who also led Copper’s Series A funding round. Also, enterprise fintech specialist VC firm Illuminate Financial Management, existing investors LocalGlobe and MMC Ventures, and a slew of renowned fintech executives and entrepreneurs who are strategic angels have pumped their investments into Copper. The round comes after the Series A funding in February 2020 and brings the overall investment to $60 million (nearly £ million).
Copper will use the funds to broaden its international footprint, especially across the US and Asia. Also, it plans to open at least two new regional offices. Copper will also announce key high-profile hires across its strategy, operations, and business development departments. The company wants to triple its headcount by the end of 2021.
Dmitry Tokarev, founder and CEO of Copper, said: “Copper has achieved tremendous growth over the past 12 months. I am incredibly grateful to our talented and growing team whose hard work is reflected, in part, by this highly successful funding round. I would also like to express my thanks to our investors who continue to support Copper and our ambitious plans to expand across the globe, and cement ClearLoop as the go-to for the clearing and custody of digital assets. Their backing, and continued support from our strong client base, is a testament to the quality of the business we are building.”
Josh Bell, General Partner at Dawn Capital, said: “With the proliferation of institutional investment in digital assets over the last few years, we had been tracking Copper since its entry to the market just three years ago. It is rare to find a team that so expertly understands not only traditional asset management, but that of digital assets and how to marry the two worlds to provide institutional-grade infrastructure that truly meets investors’ requirements. So, we are delighted to be supporting Dmitry and the Copper team in their next phase of growth, and believe they are perfectly placed to deliver the new industry-standard in digital asset custody and clearing globally.”
Copper: A heads up!
Founded in 2018 by CEO Dmitry Tokarev, Copper provides a gateway into the cryptoasset space for institutional investors by offering custody, prime brokerage, and settlements. Its proprietary ClearLoop technology connects the universe of cryptocurrency exchanges in one secure trading loop with instant, offline settlement across its integrated networks.
Currently, the institutional investment in digital assets is increasing at pace with institutional ownership forecast to rise from 10% to 30% by 2025. Moreover, the assets under custody at Copper increased over 40x since Q3 2020. Copper has quickly expanded its list of active institutional clients, thereby serving over 200 customers, which include traders, wealth companies, private banks, cryptocurrency funds and family offices.
Copper is reducing the barriers to entry for institutional investors by providing the infrastructure to trade high volumes of cryptocurrency quickly and securely across multiple exchanges. To date, Copper has integrated over 25 major exchanges into its ClearLoop and Walled Garden networks.