As reported by Sky News, U.K. Barclays are looking to invest in cryptocurrency custody firm Copper's funding round. The report adequately indicates that Barclays is a possible investor, as they plan to invest a whopping amount in the "millions of dollars ."Copper's $2 billion valuation in the investment round is anticipated soon.
Since it could not register with the Financial Conduct Authority of the United Kingdom, Copper has decided to become regulated in Switzerland. It has chosen to become established in Switzerland rather than hassle needlessly with the FCA of the U.K. Philip Hammond, a former chancellor, works as a consultant for Copper. One of the largest banks in the United Kingdom, Barclays had total assets of about $1.4 trillion as of 2021.
Many do not find this move by U.K Barclays as shocking. It was a move predicted and anticipated by some financial analysts. In recent months, many financial establishments have begun shifting their gaze to blockchain and the cryptocurrency market. This, for sure, is good news for crypto investors and traders.
The bank's action "does not come as a surprise," according to Marcus Sotiriou, an analyst at digital asset broker GlobalBlock, considering Barclays' initial investment in institutional crypto services provider Elwood Technologies in May.
This demonstrates that financial institutions are showing an increase in interest in crypto, despite the industry facing major obstacles caused by the macroenvironment and a lack of buyers.
Barclays or Copper did not immediately answer requests for comment. However, in the comment below, let's know what you think about Barclay's investment in cryptocurrency custody firm Copper. Do you think it is a good move or a bad one?
