- Barclays ( NYSE: BCS ) is expected to buy a stake in Copper, a cryptocurrency-focused firm providing custody services to institutional investors, according to a report by Sky News released July 25.
- The U.K. lender is joining a slew of investors in a financing round for Copper, with former Chancellor Philip Hammond among the crypto firms' advisers, Sky News reported.
- Moreover, Barclays ( BCS ) was said to invest "millions of dollars" in Copper's funding round, which is anticipated to be finalized in the matter of days.
- Copper did not immediately respond to a request for comment by Seeking Alpha.
- The move comes despite a challenging backdrop in the crypto market, ranging from systemic liquidity issues to broad recessions fears.
- In mid-May, Goldman Sachs and Barclays invested in crypto platform Elwood Technologies .
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Barclays said to take stake in cryptocurrency custodian Copper