April 22, 2024

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Crypto Custodian Firm Copper Seeks Funding Round

Copper, a British cryptocurrency startup, is in the middle of a funding round and trying to raise up to $500 million, The Block reported.

If realized, the funding would put the company’s valuation at over $1 billion, making it a unicorn, according to the report. The company is likely to announce the fundraise before 2021 is over, but the round isn’t closed and no lead investor has been allocated.

Copper raised $75 million in a Series B round earlier in the year, the report stated.

In other news, bitcoin’s price reached an all-time high of over $66,000 Wednesday (Oct. 20), Bitcoin Magazine reported.

Twitter and Square CEO Jack Dorsey, a bitcoin advocate for some time, tweeted earlier this month that Square is thinking of putting out a “bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”

Read more: Square Considering Bitcoin Mining System, Dorsey Says

Dorsey said in June that if bitcoin needed his help in a big way, he was prepared to leave Twitter and Square to help it, according to Bitcoin Magazine. Also in June, Dorsey said Square is building a secure but user-friendly mobile bitcoin wallet for mainstream adoption, explaining that its goal is to get bitcoin into more hands overall.

Meanwhile, enterprise crypto asset data and software provider Lukka has announced the acquisition of Blox Finance, a crypto accounting, tracking and management software subsidiary of Blox, according to a press release.

The deal will expand the footprint Lukka has on data management software and add redundancy to existing data sets, facilitating more advanced risk processes, the release stated.

“The acquisition of Blox Finance and its node infrastructure is a natural fit for Lukka, adding to our expansive crypto data management capabilities and blockchain coverage,” said Lukka CEO Robert Materazzi in the release. “This acquisition marks an exciting milestone that will help accelerate keeping pace with our customers’ innovation rate as they trade across the many new crypto financial products.”

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NEW PYMNTS DATA: DIGITAL BANKING STUDY – THE BREWING BATTLE FOR WHERE WE WILL BANK

About: Forty-seven percent of U.S. consumers are shying away from digital-only banks due to data security worries, despite significant interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can shore up privacy and security while offering convenient services to satisfy this unmet demand.

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