AI · CoinDesk
Having raised over $300 million in venture funding at a high valuation
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Copper closed its enterprise custody business in 2023 to focus on ClearLoop, an institutionally focused settlement system that enables network participants to execute delivery versus payment (DvP) from within custody without bringing assets onchain, thereby eliminating settlement risk.
Key facts
- The firm boasts more than 1,000 active counterparties and over $50 billion in monthly notional trading volume, according to its website
- The London-based company, which also operates a Swiss entity and is known for its institution-focused ClearLoop trading system, has two or three offers at around $200 million, according to one
- Having raised over $300 million in venture funding at a high valuation, the firm faces challenges related to preferred stock, according to a third person familiar with the situation
- While its previous valuation in the billions came during the 2021 bull market, given the recent bear market, it’s not surprising to see Copper and other crypto companies trading at much lower
Summary
Copper has two or three offers at around the $200 million price tag, according to a source familiar with the matter. With depressed market prices, firms that previously touted valuations in the billions are now on the block for an order of magnitude less. Copper, the cryptocurrency custody firm that was once valued at as much as $2.5 billion, is attracting interest from potential buyers, but at a price tag way below the $500 million Cantor Fitzgerald was marketing the firm at only a few months ago, according to three people with knowledge of the matter. The London-based company, which also operates a Swiss entity and is known for its institution-focused ClearLoop trading system, has two or three offers at around $200 million, according to one of the people who spoke on the condition of anonymity.