Barclays could buy a stake in cryptocurrency firm Copper

Barclays has reportedly bought a stake in cryptocurrency firm Copper, which includes former British Chancellor of the Exchequer Philip Hammond.

According to unnamed sources, the lender will join a Copper funding round and invest “a few million” dollars, Bloomberg reported on Sunday, July 24. Copper’s services include custody, prime brokerage and settlement for institutional cryptocurrency investors.

Neither Barclays nor Copper responded to a request for comment from PYMNTS.

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This all comes when cryptocurrency has had a tough year, rocked by major price drops, coin crashes, and bankruptcies. In addition, high-risk assets in general declined due to the general will of the economy.

PYMNTS wrote that, in turn, funding for private cryptocurrency companies has also seen a slump. Startups have also suffered from the effects of various economic factors that have hit cryptocurrencies, public equities and venture capital hard.

Read more : Crypto decline pushes venture capital funding down

The industry had previously looked somewhat bulletproof, buoyed by the hype. Crypto-related startups had around $ 9.85 billion in venture capital funds in the first quarter, although this was mostly due to the time it took to finalize venture capital deals.

According to PitchBook FinTech analyst Robert Le, the deals were in the works in November and December, but by then the market was already slowing down.

Now things are changing in the second quarter, with $ 6.76 billion earmarked for cryptocurrency companies for the three months ending in June. This is the lowest level in a year, and CoinFund managing partner David Pakman said there could be terrible days to come with more and more redeployments and lower valuations.

“What you are seeing now is that the seed ratings have dropped by about 20%, the A series ratings have dropped by about 50%, so the B and above ratings have dropped by about 70%,” Pakman said earlier this month, adding that he thinks companies should start holding enough cash to endure up to two years of hardship.

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