Unwitting crypto investors. While bankers still tend to look down on Bitcoin (BTC) and cryptocurrencies, there are actually more and more major banks putting a few dollars into them. This time around, British multinational banking company Barclays is reportedly betting big on the cryptocurrency business.
Barclays is turning its back and now betting on the rise of bitcoin?
Remember, it wasn’t until early 2021 that the top management of Barclays Bank was vehemently vilifying Bitcoin, calling it “magical thinking” reminiscent of a religious “cult.” But, even if due to misplaced pride, he will never advertise it, Barclays seems to have actually invested in a crypto company…
According to a Sky News publication released on July 24, 2022, Barclays was to participate in a fundraiser led by Copper. The latter specializes in custody and brokerage services for institutional investors who want access to cryptocurrencies.
To say that a year ago, Barclays banned its small private clients from using their bank card to invest in cryptocurrencies. Today, this does not seem to be a problem for these bankers, at least not for wealthy institutional investors.
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Several million dollars in cryptocurrency: what to enjoy?
Although the Copper project is of British origin, it has not been able to carry out its development under good conditions with a very strict Financial Conduct Authority (FCA, the UK’s financial regulator). To the point of settling in Switzerland, which is much more friendly to cryptocurrencies.
Copper is seeking a $500 million investment in its current funding round. According to Sky News informants, the latter is about to end. Therefore, Barclays would invest several million dollars in it.
The cryptocurrency company is currently aiming for a $2 billion valuation through this new investment. He even set his sights on $3 billion at the start of the fundraiser, before the Terra (LUNA) disaster and everything that followed.
Barclays isn’t the only major bank to bet – cautiously, almost embarrassingly – on crypto-assets after a long run of smearing them. Although BNP Paribas puts on airs by refusing to talk about cryptocurrencies, holding Metaco’s “digital assets”, in which the French bank has invested heavily, is technically nothing more or less than holding tokens on the blockchain!
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