Copper.co, the London-based custodian for digital assets, has raised a USD $8 million Series A to grow globally by expanding its commercial team and launching new products.
Institutional investors in this round include leading international investment firm Target Global, Delivery Hero, wefox and Rapyd; LocalGlobe, which is known for successful investments in the likes of Zoopla, Transferwise and Citymapper; and MMC Ventures, which backed Gousto, Interactive Investor and NewVoiceMedia among many others.
This fundraise follows a previous Seed round that saw Copper raise $1.3 million in 2018 to build its custody and prime brokerage solutions and onboard institutional and HNW clients.
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. Since launch in 2018, Copper has quickly grown its client base with crypto funds, institutions and HNW private traders.
“Copper was always designed to be a global offering. Since 2017, we have seen many crypto custody solutions emerge that don’t fully meet the needs of institutions. Instead, they have built for an institutional framework that doesn’t exist yet, and is unlikely ever to, leaving institutions discouraged”, said Dmitry Tokarev, Founder and CEO of Copper.
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“This venture funding round is a real vote of confidence from investors. Their support will allow us to accelerate our scale up, hiring teams in key regions and introducing new products and services to better meet their needs.”
“We believe that the crypto market is lacking infrastructure enabling secure storage, seamless transfer and settlement of digital assets”, said Mike Lobanov, General Partner at Target Global.
“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, Partner, MMC Ventures, said: “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, added: “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. Copper’s founders’ deep understanding of its clients’ challenges, needs and existing references provides a great platform for market leadership.”