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UK-based banking giant Barclays is planning to take a stake in crypto financial services firm Copper.
The bank is joining a funding round that will include other investors and is set to finalize in the next few days, according to Sky News.
Barclays is expected to invest a “relatively modest sum in the millions of dollars,” sources told the publication.
Copper has been looking to raise at least $500 million in the past few months, seeking an evaluation in the billions of dollars, but has run into regulatory issues in the UK, as The Block previously reported.
Last year, the firm raised $50 million in a Series B funding round and later an additional $25 million from billionaire British macro investment legend Alan Howard. It counts former UK chancellor Philip Hammond among its roster of advisors.
Founded in 2018, Copper offers institutional investors custody, prime broking and settlement service.
Barclays is no stranger to crypto, having previously invested in institutional crypto services provider Elwood Technologies, as reported by the Financial Times in May. The bank joined Goldman Sachs and Mike Novogratz's Galaxy Digital in a funding round that valued the company at $500 million, according to the FT's sourcing.