Copper in Midst of $196M Funding Round

The crypto custody firm had originally sought a Series C raise at a $3 billion valuation before the market downturn, according to Bloomberg

article-image

Blockworks exclusive art by Axel Rangel

share

key takeaways

  • Copper closed a $50 million funding round co-led by Dawn Capital and Target Global in May 2021
  • The firm hired former Bank of America Merrill Lynch pros in April to build out its prime infrastructure offerings

Crypto custodian Copper has raised $196 million as part of an ongoing Series C venture round, the latest instance of dollars flowing to digital asset startups despite the bear market. 

The firm raised $181 million from new and existing shareholders as of June, as well as a convertible loan note of $15 million, Bloomberg reported Wednesday. A company spokesperson confirmed the fundraise to Blockworks. 

The Copper representative declined to comment on when and at what amount the company is targeting to end the round, as well as the ensuing valuation.

Founded in 2018, Copper provides custody, prime brokerage and settlement services to institutional investors. The fresh funding comes as the firm has hired a number of traditional finance veterans this year. 

The company brought aboard ex-Citi executive Sabrina Wilson as chief operating officer in March and hired five former Bank of America Merrill Lynch employees the following month to lead the expansion of its prime brokerage.

Copper more recently tapped Tim Neill, a former Mastercard executive, as chief risk officer. Having previously worked at Deutsche Bank, Standard Chartered Bank and the London Stock Exchange Group, Neill told Blockworks earlier this month that he planned to port his banking background to building out and refining DeFi-oriented products. 

Copper closed a $10 million Series A round in 2020, followed by a $50 million Series B in May of last year. The latter fundraise was co-led by Dawn Capital and Target Global.

Bloomberg reported last November that Copper was in talks with investors for a roughly $500 million funding round that would have valued the company at roughly $3 billion. Crypto markets have since sunk, with bitcoin and ether prices down more than 70% from their November all-time highs.

The European bank Barclays bought into Copper’s latest raise at a $2 billion valuation, Sky News reported in July.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

Chainalysis, Kraken, Fireblocks and Gemini are on the list, but we might not see a redo of Circle’s success

article-image

The startup should try to “redefine how crypto and media interact,” Mert Mumtaz said

article-image

President Trump’s feud with Elon Musk took a backseat as investors digested a better-than-expected labor report

article-image

The event, cohosted with FWB, helps devs accelerate their World mini apps and find funding along the way

article-image

Real-time slashing, isolated vaults and a yield tug-of-war between sGHO and stkGHO

Gemini announced its intentions to go public just a day after Circle’s IPO