Crypto: Crypto Custodian Copper Weighs Ipo As Institutional Demand Grows:...

A potential listing would further legitimize digital asset custody as core market infrastructure rather than a niche service following BitGo's public launch.

Digital asset custodian Copper is reportedly weighing an initial public offering (IPO) shortly after rival BitGo debuted on the New York Stock Exchange, underscoring growing institutional appetite for cryptocurrency infrastructure companies.

Citing sources close to the discussions, CoinDesk reported Thursday that Copper is exploring its public listing options, with Deutsche Bank, Goldman Sachs and Citigroup among the banks involved.

A Copper spokesperson said the company is not currently planning a public listing, but declined to comment on whether the custodian is in early-stage talks about going public.

Backed by Barclays, Copper provides institutional-grade custody, settlement and collateral management services designed to help financial institutions store and move digital assets while reducing counterparty risk.

As Cointelegraph reported last year, Cantor Fitzgerald selected Copper as a Bitcoin (BTC) custodian alongside Anchorage Digital. Copper also partnered with Coinbase to facilitate off-exchange settlement for institutional clients.

Institutional interest in digital assets has continued to rise amid shifting US regulation. A second crypto custodian moving toward public markets would further reinforce the sector’s role as financial market infrastructure, comparable to traditional clearinghouses and custodial banks.

Related: Crypto’s bank-like turn puts JPMorgan on edge

BitGo debuted in US markets last week, pricing its initial public offering at $18 per share after raising more than $200 million in gross proceeds from the sale of 11.8 million Class A common shares.

As with several recent crypto-focused IPOs, BitGo shares rose sharply in early trading before retreating. The stock has since fallen below its IPO price and is now trading at a market capitalization of about $1.4 billion.

Source: CoinTelegraph