Cryptocurrency custody firm Copper has been out shopping itself, seeking a buyer willing to pay about $500 million for the platform, according to two people familiar with the matter.

Wall Street investment bank Cantor Fitzgerald has been appointed to help sell Copper, the people said.

Copper and Cantor didn’t respond to requests for comment.

The jewel in Copper’s crown is the ClearLoop settlement system, which enables network participants to do delivery versus payment (DvP) from within custody without bringing assets onchain, thereby eliminating settlement risk.

Copper closed its enterprise custody business in 2023 to focus on ClearLoop, launched in 2020 and caters to dozens of institutional firms. The firm boasts more than 1,000 active…