The UK’s leading bank Barclays is said to be investing millions of dollars in Copper and buying shares in the company in the coming days.
One of the largest banking institutions in the UK – Barclays – is said to be one of the investors in Copper’s latest funding round and will buy a stake in the company. This initiative can be seen as a surprise as the global crypto sector is in a significant decline, while many UK authorities (mainly the central bank of country) mainly against the asset class.
Barclays Joins Crypto World
As reported by Sky News, the fourth largest bank in the UK – Barclays – has joined several firms to invest in digital asset custody company – Copper. The banking institution is expected to distribute millions of dollars and buy back shares of the banking institution later. Financing is expected to be completed in the coming days.
Founded in 2018 and headquartered in London, Copper provides infrastructure and brokerage services to crypto investors. It is worth noting that its Senior Advisor is Philip Hammond (former Chancellor of the Competition from 2016 to 2019).
Barclays’ investment in Copper comes at a time when many crypto companies globally are laying off some of their employees or announcing serious disruptions to their operations. Some of them include Three Arrows Capital, Celsius, Vauld, CryptoCom, Gemini, and more.
Unlike those institutions, Copper has no intention of promoting disruption. Dissatisfied with UK financial regulators, who are not keen on the digital asset sector, the company plans to set up a hub in Switzerland.
Political Crisis in the UK and the Local Crypto Industry
Although the Bank of England, and in particular its Governor Andrew Bailey, have assessed cryptocurrencies several times, this has not been the case for some of the country’s lawmakers.
Last month, Digital Secretary Chris Philp revealed that Prime Minister Boris Johnson’s administration plans to turn Britain into a global crypto hub. However, he cautioned that such a step should be initiated in a way that protects consumers and limits the use of digital assets in criminal activities.
However, two weeks ago, Prime Minister Johnson resigned after numerous scandals and allegations that his administration had displayed a shameful attitude during the COVID-19 pandemic.
The good news for the crypto sector is that Rishi Sunak (Prime Minister of the Exchequer, who also resigned) has the best chance of becoming the new British political leader. Not long ago, he outlined the government’s intention to make the country a “global crypto asset hub.”
He concluded: “We want to see the businesses of tomorrow and the jobs they create in the UK.