Copper
Institutional-grade digital asset custody and settlement infrastructure
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About Copper
Copper is a digital asset custody and trading infrastructure provider. Its core product, ClearLoop, lets institutional clients keep assets in secure custody while trading on connected exchanges, settling transactions without moving funds onto each venue. This reduces counterparty risk and operational friction.
The market pain point is clear: traditional trading requires transferring assets to exchanges, exposing them to exchange insolvency or hacks. ClearLoop solves this by enabling 'delivery-versus-payment' within a custody environment, so assets remain under Copper's control until settlement.
In the past six months (Feb-Aug 2026), Copper reported ClearLoop processed 45 million trades in July 2026, supporting $74.8 billion in notional volume and $2 billion in settled transactions. Its US subsidiary became a FINRA member and SEC-registered broker-dealer, allowing regulated institutional custody and trading services in the US.
However, the company faced significant headwinds. It sought a sale, receiving offers around $200 million, far below the $500 million target from earlier in the year. Financial filings for 2024 showed revenue of $36.96 million (up 88% year-over-year) but a net loss of $39.78 million, with cash declining by $44.7 million during the year. These figures indicate ongoing profitability challenges despite growing volumes.
Founded in 2018 in London, Copper initially provided institutional-grade MPC custody. In May 2021, it completed a $50 million Series B round led by Dawn Capital and Target Global, followed by reports of a $25 billion valuation funding round that ultimately did not close at that scale; by 2022, filings showed approximately $196 million raised. In 2023, Copper closed its enterprise custody business to focus on ClearLoop, an off-exchange settlement network allowing institutions to trade while assets remain in custody, which became its core product. By end-2024, ClearLoop collateral balances grew from under $1 billion to $4.4 billion, with revenue up 88% to $36.96 million, though net loss remained around $39.78 million and cash burn was $44.7 million. In May 2025, Copper sought a buyer at a $500 million valuation, hiring Cantor Fitzgerald; by August, potential bids had fallen to roughly $200 million, below its cumulative venture funding of over $300 million, with preferred stock liquidation preferences complicating any sale. These milestones trace Copper's trajectory from a high-flying custody startup to a distressed asset, highlighting how market cycles and strategic pivots shaped its evolution.
Key developments (2026-03-14 to 2026-09-14):
In August 2026, Copper's U.S. entity, Copper Markets (US) Inc., became a FINRA member and SEC-registered broker-dealer, establishing Copper as a Qualified Custodian. It plans to offer custody, staking, financing, OTC services, and ClearLoop access.
In July 2026, ClearLoop processed 45 million trades, $74.8 billion in notional volume, and $2 billion in gross settlements. Copper added support for HYPE and USDC on HyperEVM/HyperCORE.
In July 2026, YLDS, an SEC-registered yield-bearing face-amount certificate, went live on Copper's custody platform for Copper Markets Switzerland clients.
Reports indicate Copper is seeking a ~$500 million sale, advised by Cantor Fitzgerald; bids around $200 million emerged by August, and CEO Amar Kuchinad departed.
Future focus: Copper says it is building regulated capital-market infrastructure, expanding ClearLoop for collateral mobility across custodians and venues, and broadening digital asset and blockchain network support to meet institutional demand for capital efficiency and compliance.
Amar Kuchinad (CEO) Stefano Maestri (CTO) Steve Strickland (CCO) Sam Goh (CFO) Simon Morgan (CRO) Sam B. (CLCO) Franky Gonidis (CRO)
Copper has seen a key team change: Beka Tchulukhadze joined in June 2026 as Head of Operations, UAE. With over 15 years of experience, Beka previously served as CEO of FU Capital and COO of De.Fi, with deep expertise in Web3 operations, RWA tokenization, and compliance. His arrival coincides with Copper's accelerated expansion in the Middle East. In June, Copper Securities received in-principle approval from ADGM's FSRA, planning to offer custody, ClearLoop, and other services in the region. Beka's operational expertise will help strengthen Copper's regional infrastructure and compliance framework.