Copper in Midst of $196M Funding Round

The crypto custody firm had originally sought a Series C raise at a $3 billion valuation before the market downturn, according to Bloomberg


Blockworks exclusive art by Axel Rangel


key takeaways

  • Copper closed a $50 million funding round co-led by Dawn Capital and Target Global in May 2021
  • The firm hired former Bank of America Merrill Lynch pros in April to build out its prime infrastructure offerings

Crypto custodian Copper has raised $196 million as part of an ongoing Series C venture round, the latest instance of dollars flowing to digital asset startups despite the bear market. 

The firm raised $181 million from new and existing shareholders as of June, as well as a convertible loan note of $15 million, Bloomberg reported Wednesday. A company spokesperson confirmed the fundraise to Blockworks. 

The Copper representative declined to comment on when and at what amount the company is targeting to end the round, as well as the ensuing valuation.

Founded in 2018, Copper provides custody, prime brokerage and settlement services to institutional investors. The fresh funding comes as the firm has hired a number of traditional finance veterans this year. 

The company brought aboard ex-Citi executive Sabrina Wilson as chief operating officer in March and hired five former Bank of America Merrill Lynch employees the following month to lead the expansion of its prime brokerage.

Copper more recently tapped Tim Neill, a former Mastercard executive, as chief risk officer. Having previously worked at Deutsche Bank, Standard Chartered Bank and the London Stock Exchange Group, Neill told Blockworks earlier this month that he planned to port his banking background to building out and refining DeFi-oriented products. 

Copper closed a $10 million Series A round in 2020, followed by a $50 million Series B in May of last year. The latter fundraise was co-led by Dawn Capital and Target Global.

Bloomberg reported last November that Copper was in talks with investors for a roughly $500 million funding round that would have valued the company at roughly $3 billion. Crypto markets have since sunk, with bitcoin and ether prices down more than 70% from their November all-time highs.

The European bank Barclays bought into Copper’s latest raise at a $2 billion valuation, Sky News reported in July.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg


Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.


Neutron core contributor Dutheil notes this is “a period of consolidation” in the Cosmos ecosystem


Safe has teamed up with Web3Auth to create tooling for building Ethereum applications on top of smart accounts


Wildcat wants to make undercollateralized lending terms completely transparent


On-chain protocols represent “the next stage of the software revolution,” partner at the Denmark-based company says


A defendant sued the SEC after the agency took him to trial in its own court system — now it’s up to the Supreme Court to decide that system’s constitutionality


In a call with reporters Monday, division chief Jim Lee said that crypto-related tax evasion cases are mounting