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Crypto Custodian Copper Raises $196M in Series C Funding Round
The company also reported a loss of $16 million last year, up from $4.1 million in 2020.
London-based crypto custodian Copper Technologies has raised $196 million in new funding this year, according to company filings with the U.K. government.
The new funding is part of an ongoing Series C investing round in the company. Of the $196 million, $181 million came from new and existing shareholders, with the rest coming from a convertible loan note.
STORY CONTINUES BELOW
The valuation of the firm was not known, and the company reported a loss of $16 million in 2021, up significantly from $4.1 million in 2020. Copper didn't immediately respond to a request for comment.
CoinDesk reported this summer that Copper was looking to close a funding round soon that had been delayed from 2021. At the time, the company was looking to be valued at around $2 billion, down from the $3 billion valuation it was reportedly seeking in November 2021.
Bloomberg first reported on Copper’s latest funding round.
Read more: Crypto Custody Firm Copper Appoints Tim Neill as Chief Risk Officer
CORRECTION (Oct. 12, 2022 20:05 UTC) – Fixes Copper's name in the headline.
Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
