This fundraise follows Copper’s announcement that it will provide prime brokerage services for Europe’s leading UK-regulated institutional manager of digital assets, Nickel Digital Asset Management, on its second fund Digital Gold Institutional. Fidelity Digital Assets was selected as prime custodian for the fund.

“Copper was always designed to be a global offering. 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”, said Dmitry Tokarev, Founder and CEO of Copper.

“Our Walled Garden and Prime Brokerage infrastructure truly looks after the security and trading needs of institutions, regardless of their investment strategies and goals. We are seeing volumes increase as our clients see the advantage of our prime brokerage solution, which allows them to make transactions across many trading venues securely and efficiently.

“This venture funding round is a real vote of confidence from investors. 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."

Copper's Walled Garden now covers 96% of global crypto liquidity and is seeing over £500 million in transactions each month – with that figure growing steadily.

Ollie Richards lead the deal for MMC. He had this to say of the investment:

“Following some extensive Blockchain research we are incredibly excited to back Dmitry and the Copper team as our first investment in this space. This team has achieved impressive progress to date driven by their deep understanding of the finance industry and their technology expertise. Institutional interest in digital assets is growing and we believe Copper offers a compelling and unique solution to firms looking to invest.”

Read more on the funding round via CityAM.