Based in London, Copper.co, the leading custodian for digital assets, has announced that it has raised a whopping sum of $8 million in a Series A funding round. The firm will employ the pooled in funds to proliferate into marketspaces it has not explored since its inception.
According to the latest reports, the funding round saw the participation of highly acclaimed business entities, including two U.K-based venture capital firms named LocalGlobe and MMC Ventures along with Berlin-based firm Target Global which takes pride in being making strategic investments in European companies to fuel their global expansion process.
“Copper was always designed to be a global offering. 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,” stated Dmitry Tokarev, founder and CEO of Copper.
Since in establishment in 2018, Copper has quickly earned the trust of millions of crypto enthusiasts from around the world by offering world-class services and tools. The firm’s Walled Garden now covers 96% of crypto liquidity in the world and manages more than £500 million worth transactions on a monthly basis.
Earlier in 2018, the leading fintech firm raised $1.3 Million through a Seed funding round, which was aimed to pool in funds for the development of its custody and prime brokerage solutions. It was also focused on attracting institutional and HNW clients. The new seed funding round has been conducted to expand the operations of Copper in chief regional areas such as Asia and North America along with enhancement of offerings to provide better trading facilities in comparison to traditional prime brokerage offerings.
Mr. Tokarev affirmed that the funds would aid the firm in hiring the services of experts and professionals who have the potential to deal with the local regulations and development teams in the newly expanded markets. The new service offerings of Copper include margining facility and tri-party repos. These include a type of contract that offers financial services to traders who borrow funds by selling assets.
“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,” added Tokarev.
Mike Lobanov, General Partner at Target Global, bragged about the efficiency of Copper’s infrastructure by stating that the firm renders the institutional clients with an opportunity to use prime brokerage services in a seamless manner. The platform is designed by asset managers for asset managers and so is a one-stop solution for an array of services.