Copper, a provider of crypto services for institutions, is in talks over a $500 million funding round that would give the firm a $2.5 billion valuation.
The round would likely come together before the end of the year, Business Insider reported Thursday, citing people familiar with the matter.
The news emerges just five months after London-based Copper raised $50 million in a Series B funding round led by Dawn Capital and Target Global.
Copper declined to comment when contacted by CoinDesk.
The centerpiece of Copper’s infrastructure is its ClearLoop tool, intended to allow institutional investors to hold on to assets until just before a trade is executed so they can retain their trading capital while trades are initiated.
Former U.K. Chancellor Philip Hammond recently joined Copper in an advisory capacity.