Goldman Sachs and Barclays have joined a $70 million Series A funding round for the institutional crypto trading platform Elwood which founded by billionaire British hedge fund manager Alan Howard.
As reported Joining the round was German bank Commerzbank, crypto investment manager Galaxy Digital and Dawn Capital. The fundraising round valued the company at around $500 million.
Despite the recent fall in crypto markets, Elwood said it’s betting that traditional financial institutions such as hedge funds and banks will still be interested in investing in cryptocurrencies. Elwood’s funding round was already agreed to and in motion before the latest drop in prices, which has seen roughly 15% wiped off the total crypto market cap since May 9.
Elwood Technologies CEO said the fundraising was another validation of the longevity of crypto while brushing off the falling prices from the last few weeks
Elwood Technologies provides a crypto portfolio management system with crypto market information and trading infrastructure for institutional investors that features an interface that connects to crypto exchanges, liquidity providers and custodians.
