Copper.co, a UK-based custodian for digital assets, announced on Monday it has raised $8 million through its Series A funding round to grow globally by expanding its commercial team and launching new products.
Institutional investors in this round include international investment firm Target Global, LocalGlobe, and MMC Ventures. This investment round follows a previous seed round that raised $1.3 million in 2018 to build its custody and prime brokerage solutions and onboard institutional and HNW clients.
Copper provides its clients access to cryptocurrency trading without taking digital assets out of its custody. The company had planned on establishing new offices in Hong Kong, but such efforts have been curtailed with the recent outbreak of the coronavirus.
Copper said it uses a Walled Garden setup for its custody solution, which gives clients access to trading facilities without taking cryptocurrency out of its custody. Its Walled Garden now covers 96% of global crypto liquidity and is seeing over £500 million in transactions each month.
“Our Walled Garden and Prime Brokerage infrastructure truly looks after the security and trading needs of institutions, regardless of their investment strategies and goals. We are seeing volumes increase as our clients see the advantage of our prime brokerage solution, which allows them to make transactions across many trading venues securely and efficiently.”
– Dmitry Tokarev, founder and CEO of Copper.
Copper currently onboards an average of two to three funds every week and currently has about 30 active clients on the platform, according to Tokarev. In mid-January, the custodian was selected to provide prime brokerage services for a fund created by private London investment house Nickel Digital Asset Management.