Monday 17 February 2020 4:58 am

London crypto startup secures $8m from Target, Localglobe and MMC

Cryptocurrency asset management startup Copper has today revealed the close of an $8m (£6.1m) funding round from a number of major investors.

Target Global, Localglobe and MMC Ventures all participated in the series A round, which have backed the likes of Transferwise, Delivery Hero, Interactive Investor and Gousto between them.

Copper, which designs and manages custodial products for institutions using digital assets such as cryptocurrencies, said it will use the funding to establish presences in North America and Asia.

Founder and chief executive Dmitry Tokarev said: “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.”

It previously raised a seed round of $1.3m in 2018, and recently announced plans to provide prime brokerage services.

“Following some extensive blockchain research we are incredibly excited to back Dmitry and the Copper team as our first investment in this space,” said MMC partner Oliver Richards.

“Institutional interest in digital assets is growing and we believe Copper offers a compelling and unique solution to firms looking to invest.”

The firm’s Walled Garden product, which offers secure and instant trades across different exchanges, now covers 96 per cent of global crypto liquidity and manages over £500m in transactions each month.