Crypto custodian Copper raises $8M Series A to expand globally 

Quick Take

  • Crypto custodian Copper.co has raised $8 million in Series A funding
  • Target Global, MMC Ventures and LocalGlobe injected the fresh capital 
  • Copper looks to expand its commercial team and launch new products for institutional clients

London-based crypto custodian Copper.co has raised $8 million in Series A funding round to expand globally, including North America and Asia.

The round saw participation from Target Global, MMC Ventures and LocalGlobe, according to an announcement published Monday. Notably, Copper is MMC Ventures’ "first investment" in the crypto and blockchain space.

With the fresh capital in place, Copper looks to expand its commercial team and launch new products for institutional clients. The firm currently offers multi-signature custody and prime brokerage services to various funds, financial institutions, and high-net-worth private traders.

Copper said it uses a Walled Garden setup for its custody solution, which gives clients access to trading facilities without taking crypto out of its custody. “Our Walled Garden and Prime Brokerage infrastructure truly looks after the security and trading needs of institutions, regardless of their investment strategies and goals. We are seeing volumes increase as our clients see the advantage of our prime brokerage solution, which allows them to make transactions across many trading venues securely and efficiently," said Dmitry Tokarev, founder and CEO of Copper.

The firm said its Walled Garden now covers 96% of global crypto liquidity and is seeing over £500 million [~$650 million] in transactions each month – "with that figure growing steadily."

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Mike Lobanov, a general partner at Target Global, said Copper’s Walled Garden allows “secure and instant trades across different exchanges, which is a fundamental breakthrough in the market.” Walled Garden currently supports 15 crypto exchanges, including Binance and Coinbase.

Founded in 2018, Copper’s total funding to date now stands at $9.3 million. The firm has previously secured $1.3 million in a seed round to build out its prime brokerage and custodian services.

Last month, Copper was selected to provide prime brokerage services for a fund created by Nickel Digital Asset Management, while Fidelity Digital Assets was selected as the custodian for the fund.


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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.