Elwood Technologies, the crypto-focused tech startup owned by hedge fund giant Alan Howard, announced a “strategic alliance” with Bloomberg on Thursday.
As per information provided by the source, the collaboration is aimed at institutional clients that use the Bloomberg Capital and Management Investment Manager, or AIM, a purchase order management system used by around 15,000 clients who jointly manage more than $17 trillion in assets. The plan is to integrate Bloomberg’s AIM with Elwood’s trading system.
“The integration incorporates Elwood’s institutional crypto exchange skills with Bloomberg’s records, data analysis, and workflow tools, allowing financial firms and financial advisers on the AIM platform to collect and handle their crypto assets with most of their portfolio for a cohesive investment process,” Elwood stated in a press release.
The integration is expected to be finished and offered to mutual Elwood and Bloomberg AIM users in the second quarter of 2022.
In a statement, Elwood Technologies CEO James Stickland stated, “We look forward to working together with Bloomberg to ease institutional access to cryptocurrency markets.”
According to The Block’s Ryan Weeks, the partnership is a huge step forward for the Howard-founded firm, which last year shifted its focus from asset management to software. Howard has personally invested in a number of cryptocurrency companies, including cryptocurrency custodian Copper and exchange operator Bullish Global.