25th July 2022
Bite-sized business news from the UK and beyond
Good morning Can you believe it, it's been 10 years since the opening ceremony of the London 2012 Olympic and Paralympic Games. Over the weekend the capital marked the anniversary where Team GB ended up third in the medals table with 29 gold medals and 65 medals in total.
- Ukraine's grain gets freed up
- Barclays takes stake in $2bn crypto firm
Ukraine's grain gets freed up
Other stories to keep you in the loop
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- Record number of £10m-plus London properties sold as pound falters
- London-based startup Shares bags $40m to capitalise on DIY investing boom
- Rail strikes to go ahead next Wednesday
- The Co-op cuts 400 jobs blaming soaring inflation
- Amazon buys US medical provider as it cements move into healthcare
- Elon Musk denies affair with Google co-founder's wife
Barclays takes stake in $2bn crypto firm
Barclays is on the verge of multi-million pound investment in Copper, a British crypto firm, according to reports over the weekend from Sky News.
Founded in 2018 Copper provides services to institutional investors like asset managers who want to trade in crypto assets. The company is also advised by former chancellor Phillip Hammond.
The crypto firm was reported to be angling for a valuation of over $3bn in its latest capital raise but has since scaled back the plans to $2bn amidst the crisis that has wiped more than $2tn of the value of the sector.
Barclays has often had a checkered past with the crypto industry including denying its services to big name exchanges like Binance and Coinbase. But in 2015 it became the first UK bank to support crypto by persuading charities to accept cryptocurrency as a form of donations.
Zooming out: Copper's funding round comes amid a turbulent time for the crypto industry. This year the main currency Bitcoin has lost almost half its value and in recent months a raft of crypto firms have announced job cuts and scaled back growth plans.
Stat of the day
Twitter said it spent $33 million between April and June 2022 dealing with Elon Musk’s chaotic bid to buy the company
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