The Barclays bank will invest in the sphere of cryptocurrencies in the amount of several million

According to Sky News, British bank Barclays participated in the funding round of Copper, a brokerage firm in the cryptocurrency universe. According to the British newspaper, the financial institution plans to invest millions of dollars in the company.

While the bear market is reducing the attractiveness of the cryptocurrency industry, that hasn’t stopped a UK financial giant from wanting to bet on a digital asset brokerage firm. According to Sky News, Barclays has joined a host of other investors in the copper round.

Copper is a company founded in 2018, which offers cryptocurrency brokerage and management services to institutional traders. He multiplied his attempts to register with the FCA, the British financial authority, but it was finally in Switzerland that he found the precious sesame to provide his services. According to information gathered on Crunchbase, the company has a valuation of $ 2 billion.

For nearly six months, Copper has been trying to raise $ 500 million in a Series C round, but the bear market environment prevented him from raising investors to form the round. However, through the one it conducted recently, the brokerage firm hopes to raise funds to bring its capitalization back to $ 3 billion.

Cryptocurrency Adoption: A rather surprising investment by Barclays

Given the current context in which the crisis is gripping many companies in the crypto sphere, Barclays’ participation in Copper’s B series seems surprising. A Bloomberg study showed that capital inflows into the industry declined significantly with the bear market environment. According to the report, equity fell 31% in the second quarter.

However, in the words of Marcus Sotiriou, analyst of the digital asset broker GlobalBlock, to Coindesk: ” Barclays’ participation is no surpriseand “. For the expert, despite the current crisis, traditional financial companies are preparing for the future. He stated in the columns of the American cryptographic media:

“It shows that while cryptocurrencies are facing significant headwinds, due to the macro environment and lack of buyers, financial institutions are showing increased interest and long-term value continues to grow.”

It should also be remembered that Barclays was the first British financial institution to support Bitcoin. In 2015 it was already encouraging UK charities to accept BTC donations.

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