<p><span style="font-weight: 400;">London-based crypto custody provider Copper has raised $196 million during an ongoing Series C funding round.</span></p> <p><span style="font-weight: 400;">The funds included a convertible $15 million loan note, as well as $181 million in fresh capital. Bloomberg first reported the news. </span></p> <p><span style="font-weight: 400;">Copper earlier sought to raise as much as $500 million to put its valuation over $1 billion, having previously courted investors such as </span><a href="https://www.theblock.co/post/121517/uk-crypto-firm-copper-raise-500-million"><span style="font-weight: 400;">Barclays</span></a><span style="font-weight: 400;">, and billionaire fund manager </span><a href="https://www.theblock.co/linked/108095/alan-howard-25-million-investment-london-crypto-custodian-copper"><span style="font-weight: 400;">Alan Howard</span></a><span style="font-weight: 400;">. </span></p> <p><span style="font-weight: 400;">The company took a 2021 loss of £14.4 million ($15.95 million), according to </span><a href="https://find-and-update.company-information.service.gov.uk/company/11148681/filing-history"><span style="font-weight: 400;">filed</span></a><span style="font-weight: 400;"> documents. </span></p> <p><span style="font-weight: 400;">Copper had sought anti-money laundering (AML) approvals to operate as a crypto service provider in the UK, going so far as to </span><a href="https://www.theblock.co/post/137484/crypto-firms-uk-close-fca-register"><span style="font-weight: 400;">obtain</span></a><span style="font-weight: 400;"> an extension for a UK Financial Conduct Authority (FCA) deadline. The drawn FCA out process ultimately saw Copper seek out AML approvals from Swiss regulators, </span><a href="https://www.theblock.co/linked/149392/coppers-swiss-unit-gains-regulatory-nod-for-anti-money-laundering-standards"><span style="font-weight: 400;">granted</span></a><span style="font-weight: 400;"> in May this year.</span></p> <p><span style="font-weight: 400;">Copper did not immediately respond to The Block’s request for comment.</span></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>