JAKARTA – Barclays is one of the largest multinational banks in the UK, reportedly entering the crypto industry. Barclays is predicted to buy a digital asset storage company called Copper.
This news is somewhat surprising given the volatile condition of the crypto market and has experienced a significant decline in the last few months. Coupled with a number of banks that are vehemently opposed to cryptocurrencies.
According to a Sky News report, the UK's fourth-largest bank – Barclays – joins a number of companies investing in digital asset firm Copper. Banking institutions are expected to distribute millions of dollars and acquire shares of the latter. The financing is said to be completed in the next few days.
Additional information, Copper was first founded in London in 2018. The company provides infrastructure and brokerage services for cryptocurrency investors. One of Copper's senior advisers is the former Secretary of the Treasury who served from 2016-2019, Philip Hammond.
Barclays' entry into crypto investment company Copper comes after various crypto companies experienced shocks due to bear market conditions. Not a few of these companies that cut employees such as Coinbase, Gemini, Crypto.com, BlockFi and many more, some even went bankrupt like Celsius, Voyager, Three Arrows Capital and others.
Although Copper is constrained by tight financial regulations in the UK, which have a negative attitude towards digital assets, the company plans to establish a hub in Switzerland, as reported by CryptoPotato.
The Governor of the Bank of England, Andrew Bailey, had stated that he would stem the movement of cryptocurrencies in the UK. Contrary to that, British Prime Minister Boris Johnson plans to make the UK a global cryptocurrency hub.
Nevertheless, PM Boris Johnson stressed the importance of consumer protection and anticipating the use of cryptocurrencies for illegal activities.
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