Barclays to Acquire a Stake in UK Crypto Company Copper (Report)

Barclays, the UK’s largest bank, is reported to be one of the investors in Copper’s latest financing round. It will also purchase a stake. This initiative may be surprising considering the state of the global cryptocurrency industry is in serious decline. However, many UK authorities, including the central bank, are heavily against the asset class.

Barclays joins the Crypto World

Sky News reported that the fourth largest bank in Britain, Barclays, joined a group of companies investing in Copper digital asset custody company. The bank is expected to invest millions of dollars in the digital asset custody firm Copper and also acquire a stake. According to reports, the financing will be completed in the next few days.

Copper was founded in 2018 and is based in London. It provides brokerage and infrastructure services to cryptocurrency investors. It is notable that Philip Hammond, the Senior Advisor of Copper, was the former Chancellor of Exchequer between 2016 and 2019.

Barclays’ investment into Copper comes at a moment when many crypto companies around the world are laying off staff or causing disruption to their operations. Three Arrows Capital and Celsius are just a few of the many examples.

Copper is not like these organizations and does not plan to make the rules. Copper is not satisfied with British financial regulators who are not supportive of the digital asset sector. The firm plans to create a hub in Switzerland.

Political Crisis in the UK, and the Local Crypto Industry

Although the Bank of England and its Governor Andrew Bailey have repeatedly criticized cryptocurrency, some lawmakers in the country are not so scathing.

Chris Philp, Digital Minister, revealed last month that Boris Johnson’s administration intends to make Britain a global cryptocurrency hub. He warned, however, that such an initiative must be taken in a way that protects users and restricts criminal use of digital assets.

After numerous scandals and accusations, Prime Minister Johnson resigned his post two weeks ago.

Good news for cryptocurrency is that Rishi, the Chancellor of the Exchequer, has the best chance to be Britain’s next political leader. He recently spoke out about the government’s plans to make the country “a global crypto assets hub.”

He concluded, “We want the UK to be the business of tomorrow”

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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