Crypto custody firm Copper is seeking to sell for a valuation of $500 million.

BlockBeats News, May 21st, Cryptocurrency custodian company Copper is seeking a sale, with a target valuation of around $5 billion. Sources familiar with the matter said the company has proactively been "looking for buyers" and has engaged Wall Street investment bank Cantor Fitzgerald to assist with the sale process.

Copper's core asset is its ClearLoop settlement system, which enables parties to settle transactions in a custodial environment using Delivery versus Payment (DvP) without the need to move assets on-chain, thus reducing settlement risk.

In 2023, Copper shuttered its enterprise custody business to focus on the ClearLoop service, currently serving over 1,000 active counterparties with a monthly nominal trading volume exceeding $500 billion.