Pune Media
Leading the news curation and publishing for the world

Crypto Firm Copper Raises $194 Million After Reporting Significant Losses Last Year

Copper, one of the most prominent crypto custodians, has raised $196 million in an ongoing Series C funding round, according to a filing with the U.K. government.

The new funding round, first reported by Bloomberg on Wednesday, comes on the heels of a $16 million loss last year, up from $4.1 million in 2020 during a period when the crypto market was significantly bullish.

Copper, a London-based cryptocurrency firm that rose to popularity last year, secured $181 million from existing shareholders, while the rest came from a convertible loan note.

A convertible loan note is a type of short-term debt that is very common for firms that aim to raise money. Under this structure, the loan is converted into equity shares at a later date. Investing through a convertible loan note allows the investors to receive a discounted share price based on the company’s future valuation.

The current valuation of the firm is not known but according to a previous report from CoinDesk, Copper’s Series C round will value the company at around $2 billion. Two sources close to the firm confirmed it was looking to raise $500 million at a valuation of $3 billion in 2021 but was unable to do so.

Barclays, a British multinational universal bank, took a stake in Copper in July, Sky News reported. As part of the move, the company was staking a moderate sum in the crypto custodian.

This investment comes at a time when the crypto market is at a very low period and trading volumes have dipped tremendously, taking the valuations of crypto firms down with them.


Bitcoin Price Prediction: Has This Crypto Hit the Bottom?
Pixabay



Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.

Aggregated From –
Comments
Loading...

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Pune.Media
Typically replies within few minutes on a chat or a day via email
Hey There! I am here to help you :)
Hello there

If you subscribe us, You will live 10 more years, because we get you only good news! 

If you subscribe us, You will live 10 more years, because we get you only good news!