Cryptocurrency custody firm Copper has put itself up for sale with a $500 million U.S. price tag.

Media reports say that Wall Street investment bank Cantor Fitzgerald has been appointed to help sell Copper to the highest bidder.

Copper is best known for its ClearLoop settlement system that enables network participants to do delivery versus payment from within custody without bringing assets onchain. 

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Launched in 2020, ClearLoop caters to institutional clients. The firm boasts more than 1,000 active counterparties and over $50 billion U.S. in monthly trading volumes.

The sale of Copper comes after management decided against pursuing an initial public offering (IPO) this year. 

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