Crypto Firm Copper Seeks Funds Valuing It at $3 Billion
(Bloomberg) -- Copper.co, which helps financial institutions trade cryptocurrencies, is in talks with investors to raise funds that would value it at around $3 billion, according to people familiar with the matter.
The company -- which last month hired Philip Hammond, the U.K.’s former Chancellor of the Exchequer, as a senior adviser -- is in talks with investors including Tiger Global, SoftBank Group and Accel to participate in the $500 million funding round, the people said, asking not to be identified as the talks are private. The sides haven’t finalized the deal, they said.
Representatives from Copper, Tiger, SoftBank and Accel declined to comment.
Facilitating crypto trades for very large money managers has driven the market in recent years. High-profile market players like Paul Tudor Jones, Stan Druckenmiller, Bill Miller and Anthony Scaramucci have advocated buying into Bitcoin, the largest and original cryptocurrency. But regulatory uncertainty, volatility and ease of use continue to hold back many investors from jumping into crypto.
Copper services more than 400 clients, namely traders, private banks, crypto funds and family offices, according to its website.
The new funds would come less than half a year since Copper completed a $75 million round. Existing investors include Target Global, MMC Ventures and Dawn Capital.
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