Barclays and Goldman Sachs have joined in a $70 million funding round in Elwood Technologies, the institutional-grade digital asset platform founded by British hedge fund billionaire Alan Howard.
The round was co-led by Europe’s largest B2B investor Dawn Capital and Goldman Sachs, with participation from Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders and Galaxy Digital Ventures.
Elwood’s end-to-end OMS/EMS/PMS platform provides low-latency connectivity to global crypto exchanges and deep liquidity via one single API. Full reporting and analytics and dedicated customer support round out the package.
James Stickland, CEO of Elwood Technologies, comments: “The rich mix of investors participating in this raise reaffirms the movement of financial institutions working closely with their native digital asset technology providers. Together, we aim to provide broader mass market involvement in digital assets and cryptocurrency. We look forward to working with our investors to further enhance our offerings and broaden their market adoption.”
Forecasts by Goldman Sachs’ analysts in January that a single bitcoin could hit a $100,000 valuation now look overcooked in the current crypto market rout. Despite the market setbacks, the bank remains confident that institutional demand for digital asset investments will continue to grow.
Mathew McDermott, global head of digital assets at Goldman Sachs, says: “Our investment in Elwood demonstrates our continued commitment to digital assets and we look forward to partnering to expand our capabilities.”