Copper, a cryptocurrency custodian, has announced it had closed a $50 million Series B funding round co-led by Dawn Capital and Target Global. According to an announcement, the custodian also raised funds from VC firm Illuminate Financial Management, previous investors LocalGlobe and MMC Ventures, and a number of fintech executives and entrepreneurs.
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The latest round comes after in February 2020 the London-based custodian raised $10 million in Series A funding round. With the investment, the custodian plans to broaden its international services, expanding them across the US and Asia. The company will also announce new hires by the end of 2021.
Copper claims its assets under custody have been increased more than 40x since Q3 2020. It also expanded its list of institutional clients by serving over 200 customers.
Earlier in April, the other cryptocurrency custodian, Finoa, also closed a $22 million Series A funding round led by venture capital firm Balderton Capital. Coparion, Venture Stars, Signature Ventures, and several others undisclosed investors also took part in the funding round. While the exact figure of the custodian's revenue remains unknown, Henrik Gebbing, Finoa Co-Founder, said that the company increased its revenue more than fiftyfold over the past year.
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