According to three people familiar with the matter, the British cryptocurrency startup Copper is planning a $500 million fundraise.
Copper will be valued at more than $1 billion as a result of the investment, catapulting it to unicorn status — a term reserved for privately held tech startups with valuations in excess of a billion dollars. It is not yet known what the valuation will be.
According to sources, the company is expected to announce the fundraise before the end of the year, but the round has not yet closed, nor has a lead investor been identified.
Copper raised $75 million in an extended Series B round earlier this year. The first $50 million tranche of that transaction was completed in May, led by Dawn Capital and Target Global, with Illuminate Financial Management participating. Alan Howard, a British billionaire and former CEO of Brevan Howard, then invested another $25 million in the company in June.
In addition to raising funds, Copper recently announced the appointment of former Chancellor of the Exchequer Philip Hammond as a senior advisor to the company. The Conservative Party politician, who served as Chancellor from 2016 to 2019, will advise the startup as it expands internationally and promote the United Kingdom as a digital assets hub.
In a recent interview with The Block, Hammond stated that policymakers in the United Kingdom must shift their focus “from talking about digital assets to implementing a legal framework that allows firms to embrace them.”
Copper, which was founded in 2018, uses multi-party computation (MPC), an emerging cryptographic method for securing private keys, to help protect cryptocurrency holdings from cybercrime.
ClearLoop, Copper’s signature product, is a system that connects cryptocurrency exchanges to enable instant, offline trade settlements. In addition, the company provides payment settlement and prime brokerage services.