The CEO of Elwood Technologies James Stickland stated that the company is taking the next step “to provide broader mass market involvement.”
On May 15, Goldman Sachs and Barclays participated in a $70M Series A funding round of Elwood Technologies, a global fintech company building the infrastructure for various institutions to trade digital assets. The funding placed the company at over $500M.
According to a statement, companies such as Dawn Capital, German-based Commerzbank, and technology-driven financial services company Galaxy Digital cooperated in the funding round. There was additional participation from various investors, including BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, and Flow Traders.
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Stickland commented on the financing and said that it was another confirmation of the sustainability of crypto, dismissing recent price declines. The CEO stated that the company is receiving investments from financial institutions that don’t anticipate huge returns in the first hour. “They’re investing in the infrastructure, I think it’s a reassurance message,” he added.
The CEO James Stickland stated that:
“While Elwood was founded to meet the needs of institutions seeking exposure to digital assets, the platform is entering a new phase “to provide broader mass market involvement.”
Following the rapid drop in the cryptocurrency world, Elwood Technologies still believes that various hedge funds and banking institutions will continue to invest in crypto.
The managing director of Goldman Sachs Mathew McDermott expanded on the collaboration and made a statement that the organization is still keen on crypto. He added that the firm has been deeply involved in increasing its market position and the ability to meet customer needs as the organizational desire for cryptocurrency grows.
Goldman Sach’s investment represents the bank’s foray into crypto assets. At the beginning of May, the financial institution was the first to provide a loan secured by BTC to the cryptocurrency exchange platform Coinbase.
Elwood Technologies is a global fintech infrastructure that provides market access to the world's leading crypto trading and liquidity venues through an integrated platform. While it was built to aid institutional investors in entering digital assets, the company offers market connectivity, analytics, and full customer support.
