Cryptocurrency custody firm Copper has put itself up for sale with a $500 million U.S. price tag.
Media reports say that Wall Street investment bank Cantor Fitzgerald has been appointed to help sell Copper to the highest bidder.
Copper is best known for its ClearLoop settlement system that enables network participants to do delivery versus payment from within custody without bringing assets onchain.
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Launched in 2020, ClearLoop caters to institutional clients. The firm boasts more than 1,000 active counterparties and over $50 billion U.S. in monthly trading volumes.
The sale of Copper comes after management decided against pursuing an initial public offering (IPO) this year.
With Bitcoin (CRYPTO: $BTC) below $80,000 U.S. and the entire cryptocurrency market still in a slump, the crypto IPO market has slowed in recent months.
That said, deal-making in the crypto space has remained active as crypto-native firms partner with traditional financial institutions to expand their digital asset capabilities.
In recent months, Mastercard (NYSE: $MA) agreed to buy U.K.-based stablecoin infrastructure firm BVNK for $1.8 billion U.S.
Earlier this week, British bank Standard Chartered (LON: $STAN) said it will buy the remaining shares of Zodia Custody, its cryptocurrency custodian subsidiary, that it doesn’t already own.
BTC is currently trading at $77,350 U.S.
