Copper.co, a custodian for digital assets, has collected $8m in its Series A round as it looks to launch a series of new products.
This capital injection was supported by firms including Target Global, LocalGlobe and MMC Ventures.
Prior to this Series A, the company secured a $1.3m seed round in 2018 to help it build its custody and prime brokerage solutions, as well as onboard institutional and HNW clients.
Capital from the round will be used to enhance client facing operations in markets including North America and Asia. Furthermore, it will launch new products which will give more investment options to its institutional clients.
The FinTech recently revealed it was looking to offer prime brokerage services to Nickel Digital Asset Management, a European institutional manager of digital assets.
Copper designs infrastructure which enables institutions to acquire, store and trade digital assets in a compliant manner.
Its technology supports custody, inter-exchange custody, execution, and settlement and clearing.
Copper’s Walled Garden service covers 96% of global crypto liquidity and has over £500m in transactions every month, it claims.
Target Global general partner Mike Lobanov said, “We believe that the crypto market is lacking infrastructure enabling secure storage, seamless transfer and settlement of digital assets.
“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.”
Copyright © 2020 FinTech Global
