One of the UK’s largest banking institutions, Barclays, is reportedly one of the investors in Copper’s latest funding round and will buy a stake in the company. The initiative could be considered a surprise as the global cryptocurrency sector is in a state of significant decline, while many UK authorities (mainly the nation’s central bank) are predominantly against the asset class.

Barclays will join the world of cryptocurrencies

According to a Sky News coverage, Britain’s fourth largest bank Barclays has joined a number of companies investing in digital asset custody company Copper. The banking institution is expected to distribute millions of dollars and acquire a stake in the latter. Financing is said to be finalized in the coming days.

Founded in 2018 and headquartered in London, Copper provides infrastructure and brokerage services for cryptocurrency investors. It should be noted that his Principal Advisor is Philip Hammond (former Chancellor of the Exchequer from 2016 to 2019).

Barclays’ investment in Copper comes at a time when many crypto companies around the world are laying off staff or announcing serious disruptions to their operations. Some of them include Three Arrows Capital, Celsius, Vauld, CryptoCom, Gemini, and more.

Unlike those organizations, Copper does not intend to push the brakes. Dissatisfied with British financial regulators, who are not so kind to the digital assets sector, the company plans to establish a center in Switzerland.

Political crisis in the UK and the local crypto industry

While the Bank of England, and especially its Governor Andrew Bailey, have criticized cryptocurrencies on numerous occasions, this is not the case with some of the country’s lawmakers.

Last month, digital minister Chris Philp revealed that Prime Minister Boris Johnson’s administration plans to turn Britain into a global cryptocurrency hub. However, he warned that such a step must be initiated in a way that protects consumers and restricts the use of digital assets in criminal activities.

Two weeks ago, however, Prime Minister Johnson resigned from office following numerous scandals and allegations that his administration was disgraceful during the COVID-19 pandemic.

The good news for the crypto sector is that Rishi Sunak (Chancellor of the Exchequer who also resigned) has the best chance to become the new political leader of Great Britain. Not long ago, he border the government’s intentions to make the country a “global hub for crypto assets.”

“We want to see the businesses of tomorrow and the jobs they create here in the UK,” he concluded.

Featured image courtesy of FintechFutures

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