Elwood Technologies raises $70M in Series A round led by Goldman Sachs

Elwood Technologies, a crypto trading level founded by billionaire Alan Howard, has secured $70 cardinal successful a Series A backing round.

A property merchandise unveiled this quality earlier today, noting that Goldman Sachs and Dawn Capital co-led the financing round. A idiosyncratic acquainted with this substance disclosed that this backing circular brought Elwood Technologies’ valuation to implicit $500.

According to the news release, the backing circular attracted salient investors successful the accepted concern and integer plus industries. These see Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders, and Galaxy Digital Ventures.

Elwood noted that this concern betwixt crypto-native firms and accepted fiscal institutions shows that the 2 industries are rapidly converging. The steadfast added that the result of its Series A backing circular proves that organization investors person a heightened appetite for the crypto ecosystem.

With the obtained funds, Elwood plans to cater to the needs of its rising fig of organization clients. Specifically, the institution intends to grow its merchandise offerings and planetary operations. 

Striving to conscionable the crypto needs of organization clients

Commenting connected the development, Elwood Technologies CEO James Stickland said:

Elwood was established to conscionable the needs of institutions seeking to unafraid vulnerability to integer assets by providing a robust and transparent level which delivers the highest standards expected successful accepted finance.

He added:

We person entered a caller section successful Elwood’s travel and proceed to grow our capabilities, enabling our organization clients to supply their users with improved entree to integer assets. The affluent premix of investors participating successful this rise reaffirms the question of fiscal institutions moving intimately with their autochthonal integer plus exertion providers.

Josh Bell, wide spouse astatine Dawn Capital, noted that Elwood boasts cutting-edge technology, an experienced team, and important marketplace opportunity. According to him, these features made Dawn Capital’s concern successful the concern a earthy fit.

Goldman Sachs’ planetary caput of integer assets Mathew McDermott,  said:

As organization request for cryptocurrency rises, we person been actively broadening our marketplace beingness and capabilities to cater for lawsuit demand. Our concern successful Elwood demonstrates our continued committedness to integer assets and we look guardant to partnering to grow our capabilities.

This quality comes arsenic Goldman Sachs continues warming up to crypto. The American multinational concern slope precocious issued its archetypal Bitcoin (BTC) backed loan. According to a spokesperson, the secured indebtedness installation offered currency collateralized by the borrower’s BTC.