Barclays is acquiring a stake in cryptocurrency firm Copper, which counts former UK chancellor Philip Hammond among its advisers, Sky News has reported citing sources privy to the development.

The British banking giant is said to be one of the new investors in Copper’s latest capital raise.

According to the sources, Barclays plans to invest a few million dollars in the round, which is expected to be finalised in the next few days.

Barclays and Copper did not comment on the report.

Founded by Dmitry Tokarev in 2018, Copper offers custody, prime broking and settlement services to institutional investors in crypto assets.

The company has attracted interest from venture capital firms including, LocalGlobe, Dawn Capital and MMC Ventures, according to Sky News.

It was reported earlier the firm was eyeing a valuation of at least $3bn in its latest financing round but has since scaled that back due to the evolving crisis in the wider crypto market.

A number of firms linked to cryptocurrency, including Three Arrows Capital and Celsius, filed for bankruptcy recently.

Recent moves by Barclays

Last week, Barclays secured regulatory approval from Taiwanese authorities to set up a wholly-owned subsidiary in the country.

Barclays Securities Taiwan will provide brokerage and underwriting services to the bank’s global and Taiwanese corporate and institutional clients.

Recently, a report by Reuters said that Barclays was planning an asset management joint venture in China and was seeking a Chinese banking partner for the venture.