- Elwood Technologies secures $70 Million in Series A funding round, including from the banking giants Goldman Sachs and Britain’s Barclays.
- They have been actively broadening their market presence to cater to client demand, highlights the global head for digital assets at Goldman Sachs.
- Reportedly, the funding round valued the company at approximately $500 Million.
Goldman Sachs and Britain’s Barclays, the banking giants, have joined a Series A funding round worth $70 Million for Elwood Technologies. It is an institutional crypto trading platform founded by billionaire British hedge fund manager Alan Howard.
According to Financial Times, others joining this round are crypto investment manager Galaxy Digital, crypto supportive German bank Commerzbank, and Dawn Capital. And this funding round now values the company at around $500 Million.
The entire crypto space is lately witnessing bearish trends. However, despite this, Elwood highlights that traditional financial institutions like hedge funds and banks would still be interested in cryptocurrency investments. This funding round was decided and was in process before the latest fall in the crypto sector.
According to James Stickland, the CEO of Elwood Technologies, the fundraising was another validation of the longevity of the crypto brushing off the dropping prices from the last few weeks. And that they are getting investment from financial institutions that are not expecting to get huge returns in 15 minutes. They are investing in the infrastructure, and he thinks it is a reassurance message.
The platform allows for a crypto portfolio management system with crypto market information and trading infrastructure for institutional investors that features an interface that connects to liquidity providers, custodians, and crypto exchanges.
According to Mathew McDermott, Goldman Sachs’ global head of digital assets, as the institutional demand for digital assets increases, they have been actively broadening their market presence and capabilities to cater to client demand.
This funding round contribution by Goldman Sachs is yet another move of the bank towards the crypto sector. It has been quite a crypto-supportive entity worldwide.
Alwood Technologies remains to be majorly held by Alan Howard, who was the primary investor in the UK-based crypto trading platform.
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