Goldman Sachs and Barclays, British billionaire Alan Howard cryptocurrency invested in trading platform Elwood Technologies.
Goldman Sachs and Barclays Invested Cryptocurrency Company Elwood Receives $500 Million Valuation
In addition to the two banks, investors included Dawn Capital and Germany’s Commerzbank, as well as Galaxy Digital, the company of US billionaire Mike Novogratz. In the event, which is Elwood’s first external funding round, the company received a valuation of approximately $ 500 million.
Despite the massive decline in the crypto market, Elwood has managed to attract money from traditional financial institutions to the digital asset world.
As known bitcoin The price dropped below $30,000 on Tuesday for the first time since July.
Elwood’s funding round was decided before the market crash.
Originally founded to manage Howard’s personal cryptocurrency wealth, the company currently offers market data and provides trading infrastructure to major players in digital assets.
“Proof of the Permanence of Cryptocurrencies”
The company’s CEO, James Stickland, said he ignored the market drop and explained that the investment round is “a testament to the longevity of cryptocurrencies”:
“We are receiving an investment where financial institutions do not expect immediate returns. They invest in infrastructure. I think it’s a message of reassurance.”
With the $70 million funding round, the change in direction for the Elwood company became even more apparent.
In 2019, the company began focusing on asset management and offering a portfolio of crypto funds to institutional investors. In his statement, Stickland announced that Elwood has now started to sell the technology it has developed in-house to its other customers.
*Not investment advice.