While the good old Warren Buffett says he wouldn’t buy all the bitcoins in the world for 25 bucks, an investment bank with a long history Goldman Sachs together with Dawn Capital are leading a $70 million Series A funding round for Elwood Technologies.
Elwood Technologies is a crypto firm led by Alan Howard. Elwood is a cryptocurrency–focused platform for trading and market access. The company offers a variety of services: connection to various trading platforms via API, reporting, and analytics.
On May 16, Elwood Technologies announced the successful closing of a $70 million Series A funding round (what is it?). The round was co-led by Europe’s largest B2B investor Dawn Capital and global investment bank, Goldman Sachs. There was additional participation from prominent investors in both the traditional finance and digital asset industries, including Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders and Galaxy Digital Ventures.
Elwood Technologies plans to use the received funding to meet customer needs and expand the company’s product range.
“We have entered a new chapter in Elwood’s journey and continue to expand our capabilities, enabling our institutional clients to provide their users with improved access to digital assets. The rich mix of investors participating in this raise reaffirms the movement of financial institutions working closely with their native digital asset technology providers. Together, we aim to provide broader mass market involvement in digital assets and cryptocurrency.” — James Stickland, CEO of Elwood Technologies.
“At Dawn, we continue to seek out first-class infrastructure that will continue to support the rapid evolution of the digital asset market. Our investment in Elwood was a natural fit, given the business’s cutting-edge technology, experienced team and significant market opportunity. Now is an important moment in Elwood’s evolution as its technology moves to the mainstream, and we look forward to supporting them to unlock access to the digital asset market for institutions everywhere.” — Josh Bell, General Partner of Dawn Capital.
“As institutional demand for cryptocurrency rises, we have been actively broadening our market presence and capabilities to cater for client demand. Our investment in Elwood demonstrates our continued commitment to digital assets and we look forward to partnering to expand our capabilities.” — Mathew McDermott, Global Head of Digital Assets at Goldman Sachs.
This collaboration is definitely important. In it, cryptocurrency and classical finance unite in the name of common growth. I wonder if such a collaboration will give a boost to the crypto industry and the classical financial sector? Let’s keep waiting and observing.