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According to CoinDesk, cryptocurrency custody firm Copper is seeking to sell the company at a valuation of approximately $500 million and has engaged Wall Street investment bank Cantor Fitzgerald to assist with the transaction. Copper’s core asset is its ClearLoop custody-based settlement system, which enables institutional clients to execute delivery versus payment (DvP) transactions without moving assets on-chain, effectively eliminating settlement risk. The company currently boasts over 1,000 active counterparties and processes over $50 billion in notional trading volume monthly. Copper had previously considered an IPO, but the broader crypto IPO market has entered a wait-and-see phase amid sluggish Bitcoin prices and the capital-attracting effect of the AI sector.
Odaily News Securitize announced the appointment of investor, Blackstone advisor, and former International Monetary Fund (IMF) board member Sunil Sabharwal to its board. Sunil Sabharwal served as the U.S. representative to the IMF, confirmed by the U.S. Senate, from 2016 to 2018, for which he received the U.S. Department of the Treasury's Distinguished Service Award. He currently serves on the boards of Thunes and TookiTaki, and previously served as Chairman of payment companies Earthport and Ogone, which were acquired by Visa and Ingenico, respectively. Since 2021, he has served as an advisor and operating partner for the Blackstone Growth Equity Fund.Securitize currently manages over $4 billion in on-chain assets, including the BlackRock BUIDL Fund and tokenized products from institutions such as Apollo, BNY, Hamilton Lane, KKR, and VanEck. The company reached an acquisition agreement with a Cantor Fitzgerald affiliate last October, valuing Securitize at $1 billion. The merged company is set to list on Nasdaq under the ticker symbol CEPT.