Copper, a cryptocurrency custodian, is in talks to raise $500 million in a new funding round. According to Business Insider, the valuation of the London-based custodian with the new funding round might hit $2.5 billion. It remains unclear, who is in the list of investors.
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The news comes as Philip Hammond, the former UK chancellor, joined Copper as a senior adviser. As iHodl reported, Hammond will advice the Copper team on its way to global expansion. He will also focus on promoting the UK as a global leader on the cryptocurrency market on this role, the firm added.
Earlier this year, Copper closed a $50 million Series B funding round co-led by Dawn Capital and Target Global. 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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