Crypto Custodian Copper Eyes $2.5B Valuation in $500M Funding Round Talks: Report

Copper, a provider of crypto services for institutions, is in talks over a $500 million funding round that would give the firm a $2.5 billion valuation.

• The round would likely come together before the end of the year, Business Insider reported Thursday citing people familiar with the matter.

• The news emerges just five months after London-based Copper raised $50 million in a Series B funding round led by Dawn Capital and Target Global.

• Copper declined to comment when contacted by CoinDesk.

• The centerpiece of Copper’s infrastructure is its ClearLoop tool, intended to allow institutional investors to hold on to assets until just before a trade is executed so they can retain their trading capital while trades are initiated.

• Former U.K. Chancellor Philip Hammond recently joined Copper in an advisory capacity.