Barclays is reportedly buying a share in the crypto company Copper
Source: shutterstock.com
According to PYMNTS, the bank will join a new Copper funding round, investing a few million dollars. Copper’s existing investors include former U.K. Chancellor of the Exchequer Philip Hammond. The crypto company provides digital assets custody, prime broking and settlement for institutional investors in crypto assets.
The alleged investment is remarkable amidst a “crypto winter”, while the market is experiencing major price falls, coin collapses and bankruptcies. Funding in the crypto industry has also seen a significant decline. Since various economic factors influenced venture capital hard, investments got redirected into safer havens.
Whereas crypto-related startups had roughly $9.85 billion of VC funding in the first quarter, the second quarter brought only $6.76 billion. That’s the lowest level recorded in a year.
“What you’re seeing now is seed valuations are down about 20%, Series A valuations are down about 50%, and then Series B and beyond are down about 70%,” said CoinFund managing partner David Pakman. He also added that the companies should begin holding enough cash to withstand as much as two years’ hardship.
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