Crypto custody firm Copper is looking to sale the company for $500 million
Cantor Fitzgerald has been appointed to help with the sale, according to sources.
What to know:
- The crypto custody firm is weighing a $500 million sale, according to sources.
- The jewel in Copper’s crown is the ClearLoop in-custody settlement system, which caters to dozens of institutional firms.
- Copper closed its enterprise custody business in 2023 to focus on ClearLoop
Copper and Cantor didn’t respond to requests for comment.
The jewel in Copper’s crown is the ClearLoop settlement system, which enables network participants to do delivery versus payment (DvP) from within custody without bringing assets onchain, thereby eliminating settlement risk.
Copper closed its enterprise custody business in 2023 to focus on ClearLoop, launched in 2020 and caters to dozens of institutional firms. The firm boasts more than 1,000 active counterparties and over $50 billion in monthly notional trading volume, according to its website.
Copper was said to be weighing an IPO earlier this year, potentially following in the footsteps of crypto custodian Bitgo, with whom Copper forged a partnership on the ClearLoop application. However, with bitcoin trading below $80,000, and artificial intelligence soaking up most of the capital, the crypto IPO market has been on a holding pattern this year.
