Copper, a company based in London providing crypto custody services, has secured $8 million in a Series A round.
Thus, the company will use the fund raising proceeds to expand its operations in new markets such as Asia and North America.
In addition, Copper will boost its offering to include more developed facilities found in traditional brokerage offerings.
For his part, CEO Dmitry Tokarev said:
“Copper was always designed to be a global offering. This venture funding round is a real vote of confidence from investors. In addition, their support will allow us to accelerate our scale up, hiring teams in key regions and introducing new products and services to better meet their needs.”
Moreover, Tokarev said the move will help his company to hire specialists who can deal with local regulations.
“This will give greater support for existing customers in Asia and America, as well as provide the company with a toe-hold to begin offering services to a new client base.”
The crypto custody service provider plans to establish an office in Hong Kong. However, the coronavirus outbreak has stalled the effort. Thus, a final decision would be taken in this regard at the end of the first quarter of 2020.
Copper’s monthly trading volume hits $500M
In September 2019, the company announced recording a trading volume of $500 million in the three-month period since the launch of its solution in June.
“$500 million was now Copper’s trading volume on a monthly basis,” said Tokarev.
“Since 2017, we have seen many crypto custody solutions emerge that don’t fully meet the needs of institutions. Instead, they have built for an institutional framework that doesn’t exist yet, and is unlikely ever to, leaving institutions discouraged,” he added.
Previously, Cryptolydian reported that Lightning Labs, a Bitcoin payment company backed by Twitter CEO Jack Dorsey, has announced raising $10 million funding in Series A round to develop payment network.
Accordingly, the company has launched its Lightning Loop service in beta to help customers overcome bottlenecks in Lightning liquidity.