Cryptocurrency Custodian Copper Raises $50 Million in Funding Led by Dawn Capital and Target Global

London-based cryptocurrency custodian Copper announced it has raised $50 million in a Series B funding round led by Dawn Capital and Target Global.

Cryptocurrency Custodian Copper Raises  Million in Funding Led by Dawn Capital and Target Global

London-based cryptocurrency custodian Copper announced it raised $50 million in a Series B funding round led by Dawn Capital and Target Global. Illuminate Financial Management, a venture capital firm with a focus on enterprise fintech, also participated in the round.

The startup will use the money for international expansion and plans to open two new regional offices in the U.S. and Asia. Its assets under custody have increased more than 40-fold since the third quarter of last year, and it aims to triple its workforce by the end of 2021.

Copper now claims to support more than 200 exchanges, trading firms, private banks, cryptocurrency funds and payment processors worldwide.

Josh Bell, general partner at Dawn Capital, said.

“It’s hard to find a team like Copper that is skilled in traditional asset management, but also skilled in understanding digital asset management and how to combine those two worlds to provide institutional-grade infrastructure that truly meets investor requirements.”
Cryptocurrency custodians have been on a fundraising spree in recent months. San Francisco-based Anchorage raised $80 million in February in a funding round led by Singapore’s sovereign wealth fund GIC. Since then, PayPal and Mike Novogratz’s Galaxy Digital have announced plans to acquire Israeli cryptocurrency security firm Curv and cryptocurrency custodian BitGo, respectively.

Copper was founded in 2018 and most recently raised $8 million in Series A funding in February 2020 with participation from Target Global, LocalGlobe and MMC Ventures.

Copper’s products are built using multi-party computing (MPC), a method of splitting private keys that helps prevent cybercrime. The company also offers payment settlement and prime brokerage services.

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