Elwood Technologies, a crypto trading platform created by billionaire Alan Howard, has raised $70 million in a Series A round of investment. According to a news statement released on May 16, Elwood’s Series A fundraising round was co-led by Goldman Sachs and Dawn Capital. According to the sources, after this fundraiser, Elwood Technologies’ market valuation has hit almost $500 million. Elwood intends to use the cash to meet the demands of its growing number of institutional clients. The platform plans to grow its product portfolio as well as its global operations.
According to the press release, the investment round drew significant investors from the traditional banking and digital asset industries. BlockFi Ventures, Digital Currency Group, Barclays, CommerzVentures, Chimera Ventures, Flow Traders, and Galaxy Digital Ventures are among the companies involved in the Series A funding round.
Elwood Technologies CEO James Stickland commented on the funding round development, saying:
“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 went on to say:
“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.”
According to Josh Bell, general partner at Dawn Capital, Elwood has cutting-edge technology, a skilled staff, and a large market opportunity. He claims that these characteristics made Dawn Capital’s investment in the platform a perfect fit.
Mathew McDermott, Global head of digital assets at Goldman Sachs, remarked:
“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.”
Elwood remarked that this collaboration between crypto-native enterprises and traditional financial institutions demonstrates how the two industries are fast merging. The platform went on to say that the success of its Series A funding round demonstrates institutional investors’ increased interest in the crypto ecosystem.
