Crypto Custodian Copper Secures $196M in Series C

London-based crypto custodian Copper Technologies has raised $196 million in new funding this year, according to company filings with the U.K. government.

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The new funding is part of an ongoing Series C investing round in the company. Of the $196 million, $181 million came from new and existing shareholders, with the rest coming from a convertible loan note.

The valuation of the firm was not known, and the company reported a loss of $16 million in 2021, up significantly from $4.1 million in 2020. 

Copper was looking to close a funding round soon that had been delayed from 2021. The Series C round, which was held up as Copper grappled with a temporary regulatory registration in the U.K., valued the company around $2 billion at that time, according to the people who didn’t want to be identified.

Copper was reported to be raising $500 million at a $3 billion valuation in November 2021, in what was something of a banner year for cryptocurrency custody firms raising money and commanding sky-high valuations. Since then a continued bear market has slashed the valuation of many crypto-linked companies as investors shy away from risk.