Barclays, Goldman Sachs invest in crypto trading platform Elwood

Barclays, Goldman Sachs invest in crypto trading platform Elwood

Elwood valuation reached at around $500 million post the Series A funding round

Banking titans, Goldman Sachs and UK’s Barclays have reportedly joined a Series A round worth $70 million for the institutional crypto trading platform Elwood Technologies.

Reportedly, the round – that also involved crypto investment manager Dawn Capital, and Galaxy Digital, along with crypto-friendly German bank Commerzbank – valued Elwood at around $500 million.

According to the crypto trading platform – founded by British billionaire hedge fund manager Alan Howard – various banks will still tend to be more inclined towards investing in cryptocurrencies despite a drop in crypto markets.

In fact, CoinMarketCap reported that the recently plummeted prices, which swept off 15% of the total crypto market cap since May 9, came after Elwood’s funding round was already set in motion.

Speaking on the fresh influx, James Stickland, CEO of Elwood Technologies, stated that the fundraising is proof of the potential fruition and longevity of cryptocurrency and thereby sidelined the falling prices trend seen over the last couple of weeks.

Specializing in crypto portfolio management systems, Elwood Technology offers crypto market data and trading infrastructure catering to institutional investors with an interface capable of connecting to liquidity providers, crypto exchanges, and custodians.

Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, commented on the latest development underpinning the bank’s continued commitment to the space of cryptocurrencies.

McDermott emphasized on the growing demand for cryptocurrency is a key factor encouraging the firm to expand its market presence and capabilities in line with client demand.

Goldman Sach’s latest funding demonstrates the firm’s plans to strengthen its expertise in crypto-asset after it emerged as the first bank to offer a Bitcoin-enabled loan to crypto exchange player Coinbase in early May.

The banking giant identifies digital assets and Metaverse as megatrends and for the longest time has shown interest in the space of cryptocurrency.

Source Credit: https://cointelegraph.com/news/goldman-sachs-and-barclays-invest-in-uk-crypto-trading-platform-elwood