18th May 2021

Copper.co secures $50 million Series B investment

We're delighted to be backing the Copper team again as part of this Series B raise. This new investment was co-led by Dawn Capital and Target Global. Illuminate Financial Management and Copper’s existing investors, including MMC and LocalGlobe, also participated.

The round follows Copper’s Series A funding in February 2020, bringing total capital raised to date to $60 million. Copper was MMC's first blockchain investment, based on our deep research on the space. It's an area we continue to invest behind and we're delighted for Dmitry and team on this successful fundrasie.

“Copper has achieved tremendous growth over the past 12 months. I am incredibly grateful to our talented and growing team whose hard work is reflected, in part, by this highly successful funding round. I would also like to express my thanks to our investors who continue to support Copper and our ambitious plans to expand across the globe, and cement ClearLoop as the go-to for the clearing and custody of digital assets. Their backing, and continued support from our strong client base, is a testament to the quality of the business we are building.” Dmitry Tokarev, Founder and CEO, Copper

Founded in 2018 by CEO Dmitry Tokarev, Copper provides a gateway into the cryptoasset space for institutional investors by offering custody, prime brokerage, and settlements. Its proprietary ClearLoop technology connects the universe of cryptocurrency exchanges in one secure trading loop — with instant, offline settlement across its integrated networks.

Institutional investment in digital assets is increasing at pace, with institutional ownership forecast to rise from 10% today to 30% by 2025. Assets under custody at Copper increased more than 40x since Q3 2020. Copper has also rapidly expanded its list of active institutional clients, currently serving more than 200 customers, which include traders, wealth companies, private banks, cryptocurrency funds and family offices.

In this rapidly evolving and expanding market, Copper is reducing the barriers to entry for institutional investors by providing the infrastructure to trade high volumes of cryptocurrency quickly and securely across multiple exchanges. To date, Copper has integrated more than 25 major exchanges into its ClearLoop and Walled Garden networks.

“It is no secret that that interest in owning digital assets has grown exponentially, evident from the influx of institutional investors in Bitcoin, as well as other layer one protocols like Ethereum and Ripple. As Copper enters its next phase of growth, we will continue to react to the market and provide the services that investors need; to elevate the standards of digital asset security, trading and clearing across the board.” Dmitry Tokarev, Founder and CEO, Copper

You can read more on the Copper story via Sifted.

Or check out our piece on why we backed the Copper team at Series A here: Enabling the future of digital assets — why we’re excited about Copper.

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