Copper.co, a London-based crypto custodian, announced on Monday that it raised $8 million in a recently closed Series A funding round.
The participants in the round include big names in the venture capital arena like Target Global, LocalGlobe, and MMC Ventures.
Per the press release shared with Finance Magnates, the proceeds from the fresh round will be utilized in the firm’s global expansion ambitions by expanding its commercial team and launching new products. The company is particularly targeting the North American and Asian markets.
Mentioning fresh funding, Dmitry Tokarev, founder and CEO of Copper, said, “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.”
Creating a secure environment
Launched in 2018, Copper.co captured significant market share in the institutional custodian market high-end security platform. The company touts its security protocol as it added “military-grade optical air-gapping” to ensure complete security of an offline repository of asset owners’ shared keys during the transaction signing process.
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The company also detailed that its Walled Garden covers 96 percent of global crypto liquidity and is seeing over £500 million (around $652 million) in transactions each month.
Last month, Singapore-based XinFin partnered with Copper.co to receive support for its native digital asset token.
“Our Walled Garden and Prime Brokerage infrastructure truly look 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,” Tokarev added.
The fresh funds were raised following the company’s 2018 seed round, raising $1.3 million in total.
“Unlike many startups in the crypto market, Copper is built for asset managers by asset managers themselves. 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,” Mike Lobanov, general partner at Target Global, added.