As per its official site, Copper Co. describes itself as an “institutional gateway to digital asset investing”. It helps its users to trade assets by moving them to exchanges. This helps in preventing malpractice like frauds, hacks or misappropriated assets.
Recently, Bloomberg reported that Copper. co is in talks with investors to raise funds that will value it at $3 billion.
Previously, the company had hired Philip Hammond, the UK’s Formal chancellor of the Exchequer, as a formal advisor.
It is reported that the company is in talks with investors like Tiger Global, SoftBank Group and Accel to participate in the $500 million funding round.
It was also reported by people magazine, these companies major want to remain out of the talks in the media about this funding. As a result representatives from the companies have refused to comment on the situation.
The Growing Status of Crypto
Crypto has been adopted by some giants in the finance world and this is the reason why it has attracted so much buzz in recent years. These include names Lil DePaul Tudor Jones, Stan Druckenmiller, Bill Miller and Anthony Scaramucci.
All of which are high-profile players. This buzz further helps to eliminate the growth of the crypto market as these players also encourage others to invest in the market. However, this has not eliminated the common concerns of people with the market. These include concerns for volatility and high risk.
Copper.com is known to service around 400 million clients worldwide. These are private investors, traders, banks, family funds and businesses etc according to its website.
The New funds are getting allocated about half a year after the company gathered its previous funding of $74 million, earlier this year. Existing investors include Target Global, MMC Ventures and Dawn Capital.
The current funding would allow the company to reach a more vast userbase and rightly so because it helps make crypto trading easier for its users.
What are your thoughts on the huge funding Copper is getting? Do you feel that Indian companies too should venture into the crypto space with such vigour? Let us know!