Copper, a provider of custody, prime brokerage, and settlements across 150 digital assets and more than 25 exchanges, has closed a $50 million Series B funding round.
The investment round was co-led by B2B software investor Dawn Capital and Target Global, who led Copper’s $60 million Series A round in 2020. Other paticipants include fintech specialist VC firm Illuminate Financial Management, Copper’s existing investors LocalGlobe and MMC Ventures, and a number of strategic angels.
Institutional investment in digital assets is increasing at pace, with ownership forecast to rise from 10% today to 30% by 2025. Assets under custody at Copper increased more than 40x since Q3 2020. The company currently serves more than 200 customers, which include traders, wealth companies, private banks, cryptocurrency funds and family offices.
The London-based firm says it will use the funds to broaden its international footprint, particularly across the US and Asia, with plans to open at least two new regional offices and triple its headcount.
Dmitry Tokarev, founder and CEO of Copper, says: “It is no secret that that interest in owning digital assets has grown exponentially, evident from the influx of institutional investors in bitcoin, as well as other layer one protocols like Ethereum and Ripple. As Copper enters its next phase of growth, we will continue to react to the market and provide the services that investors need.”