London based institutional crypto infrastructure and services provider Copper.co has announced that Alan Howard, co-founder of asset manager Brevan Howard, has led a $25 million extension to Copper’s recent $50 million Series B funding round that was led by Dawn Capital and Target Global.
The company said that the additional funding will be channeled towards Copper’s role enabling traditional financial services firms to benefit from Distributed Ledger Technology (DLT) and cryptoassets, particularly as the sophisticated requirements of multinational banks and traditional custodians add additional dimensions to the mass adoption of cryptoassets.
Copper.co added that the additional funding signals the growing interest and endorsement from the traditional finance sector in cryptoassets. Alan Howard is an investor in companies such as Coinshares, Block.one and Elwood, an institutional crypto market access and trading tech platform enabling FinTechs, Asset Managers and Financial Institutions with the broadest range of crypto assets.
Copper has also entered into a strategic partnership with Elwood. James Stickland, CEO of Elwood, said;
“The combined expertise of Elwood and Copper in digital assets will help both companies to progress their developments in crypto trading technology and prime services serving institutional investors.”
Alan Howard commented;
“I am delighted to have the opportunity to support Copper. Their pioneering technology, particularly in the security and speed of cryptocurrency transactions, is essential for the traditional world to offer crypto products to their clients. This, coupled with their relentless focus on servicing clients with industry-leading customer support, is taking the best from both worlds and positioning the firm as the dominant player in the digital asset infrastructure space.”
Dmitry Tokarev, CEO of Copper, added;
“We’re very grateful for Alan’s backing. His early commitment to the space sets him out from other traditional players and we value the experience and expertise he brings not just to Copper, but to the whole digital asset ecosystem. As the sector grows so too does the interest from traditional institutions, but there are still barriers to entry for these firms, particularly around the speed and security of trading. Copper is solving these issues with revolutionary products like ClearLoop, and with Alan’s endorsement we see the industry on the precipice of enormous growth.”
At the core of Copper’s infrastructure is ClearLoop, a framework that connects the universe of exchanges in one secure trading loop — with real-time settlement across the Networks. Integrated with market leading spot and derivative crypto exchanges, ClearLoop has already transformed the way in which institutional investors can engage in the cryptoasset space since launching in May 2020.