Copper, a crypto-custodian, raises $196 million in the most recent funding round.

Cryptocurrency custodian Copper Technologies has raised $196 million as part of the company's C series financing round, advancing the company's expansion goals.

According to company records seen by Bloomberg, the company was able to raise about $181 million from a collection of current and new shareholders and was able to access an additional $15 million through a convertible loan note. The funding round has not yet been completed.

Although Copper Technologies has not revealed its current market value, it has acknowledged that company suffered a loss of almost $16 million in 2017. Comparatively, this marked a roughly fourfold rise over the $4.1 million loss the business reported for 2020.

Zug, Switzerland serves as the base for Copper Technologies. According to the business, a variety of customers from the financial industry use its products. According to statistics from the Swiss company, they include trading companies, hedge funds, cryptocurrency exchanges, decentralized finance (DeFi) industry participants, and other businesses. The company claims that more than 300 people work for it to manage its services.

According to Copper Technologies, its ClearLoop and Walled Garden networks are currently accessible to over 30 exchanges.