Elwood Technologies, a crypto trading platform founded by billionaire Alan Howard, has secured $70 million in a Series A funding round.
A press release unveiled this news earlier today, noting that Goldman Sachs and Dawn Capital co-led the financing round. A person familiar with this matter disclosed that this funding round brought Elwood Technologies’ valuation to over $500.
According to the news release, the funding round attracted prominent investors in the traditional finance and digital asset industries. These include Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders, and Galaxy Digital Ventures.
Elwood noted that this partnership between crypto-native firms and traditional financial institutions shows that the two industries are rapidly converging. The firm added that the outcome of its Series A funding round proves that institutional investors have a heightened appetite for the crypto ecosystem.
With the obtained funds, Elwood plans to cater to the needs of its rising number of institutional clients. Specifically, the company intends to expand its product offerings and global operations.Â
Striving to meet the crypto needs of institutional clients
Commenting on the development, Elwood Technologies CEO James Stickland said:
Elwood was established to meet the needs of institutions seeking to secure exposure to digital assets by providing a robust and transparent platform which delivers the highest standards expected in traditional finance.
He added:
We have entered a new chapter in Elwood’s journey and continue to expand our capabilities, enabling our institutional clients to provide their users with improved access to digital assets. The rich mix of investors participating in this raise reaffirms the movement of financial institutions working closely with their native digital asset technology providers.
Josh Bell, general partner at Dawn Capital, noted that Elwood boasts cutting-edge technology, an experienced team, and significant market opportunity. According to him, these features made Dawn Capital’s investment in the business a natural fit.
Goldman Sachs’ global head of digital assets Mathew McDermott, said:
As institutional demand for cryptocurrency rises, we have been actively broadening our market presence and capabilities to cater for client demand. Our investment in Elwood demonstrates our continued commitment to digital assets and we look forward to partnering to expand our capabilities.
This news comes as Goldman Sachs continues warming up to crypto. The American multinational investment bank recently issued its first Bitcoin (BTC) backed loan. According to a spokesperson, the secured loan facility offered cash collateralized by the borrower’s BTC.
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