Crypto Custodian Copper Raises $196 Million In Latest Funding Round
Advancing the company’s expansion plans, crypto custodian Copper Technologies has secured a total of $196 million under the firm’s C series financing round. The business managed to raise some $181 million from a group of existing and new shareholders and gained access to a further $15 million under a convertible loan note, as indicated by company filings obtained by Bloomberg. The financing round is yet to be closed. While the firm has not disclosed its current valuation , Copper Technologies did admit that it reported a loss of some $16 million last year. This represented nearly a fourfold increase compared with the loss the company posted for 2020, at about $4.1 million. Copper Technologies is based in Switzerland’s Zug. The company says it provides its solutions to a wide range of customers from the financial sector . These include trading firms, hedge funds, crypto exchanges , decentralized finance (DeFi) industry players, and othe...