Barclays is reportedly taking stake in $2 billion digital asset custody provider Copper.
A report by Sky News revealed that the bank is joining a number of investors in a funding round for the cryptocurrency firm, which saw former chancellor Philip Hammond join the FinTech as senior advisor last October.
It was anticipated that Barclays would invest a fairly modest amount in the millions as part of the round, according to city sources for the news site.
The report says that, earlier this year, the company was targeting a valuation of at least $3 billion in its latest funding round.
However, it said that these plans have been scaled back amidst a backdrop of bankruptcies in the industry.
Singapore-based crypto hedge fund Three Arrows Capital was forced to liquidate last month, while in recent weeks crypto lending business Celsius filed for bankruptcy.
Copper raised $85 million in its Series A and B funding round, with an extension of $25 million added to the latest money raise in June led by Alan Howard, co-founder of asset manager Brevan Howard.
Both Barclays and Copper declined to comment on the report.
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