Barclays Plc is buying a stake in Copper, a cryptocurrency company that counts former Chancellor Philip Hammond among its advisers, according to Sky News.
The UK lender is among a group of new investors joining a funding round for Copper and will invest a few million dollars, with the fundraising expected to be finalized within days, Sky News reported on Sunday, citing sources.
“As the funding round is ongoing, we’re unable to comment on this report,” Sophie Arnold, head of communications for Copper said via WhatsApp.
Copper provides custody, prime broking, and settlement services to institutional investors in crypto assets. Barclays and Copper declined to comment on the report, according to Sky.
Companies linked to cryptocurrencies have had a challenging year and some have faced bankruptcies as major digital tokens, like Bitcoin, have slumped along with other risk assets globally.