Alan Howard’s Crypto Firm Raises $70M in Funding Round
- Barclays & Goldman Sachs have invested in Alan Howard’s cryptocurrency trading platform
- Elwood Technologies currently provides institutional investors with crypto portfolio management services
- The fundraising event saw contributions from many notable investors
Two of the world’s largest speculative banks, Goldman Sachs and Barclays, recently participated in a $70 million Series A funding round for Elwood Technologies, the crypto exchange stopover established by super-wealthy Briton Alan Howard.
According to a Sunday report from the Financial Times, this grant round marked the first time that Elwood Technologies secured external support and raised the organization’s valuation to $500 million.
Goldman Sachs and Barclays invest in Elwood
The fundraising opportunity saw commitments from a few other notable backers including German bank Commerzbank, investor Dawn Capital and Mike Novogratz’s Galaxy Digital.
Elwood Technologies currently provides institutional backers with a portfolio of cryptocurrencies to executive administrations, including advanced resource market insights and an exchange foundation with an interaction point that partners with various trades, vendors cash and custodians.
Speaking on the latest funding round, Matthew McDermott, Global Head of Advanced Resources at Goldman Sachs, remarked that the bank’s interest in Elwood is evidence of its responsibility to the crypto space.
As institutional interest in digital currency grows, we have effectively expanded our market presence and capabilities to care for customer interest, he said.
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A bullish sign for mainstream crypto adoption
Despite the current negative state of the digital currency market, Elwood hopes that conventional monetary foundations, including mutual funds and banks, will continue to retain areas of strength to invest resources in the crypto space.
According to the report, Elwood’s round of speculation was moving at this time ahead of the latest Black Swan event, which destroyed around 15% of the global crypto market capitalization.
Elwood CEO James Stickland echoed the organization’s views and drew attention to the fact that the outcome of the grant round amid crypto market turmoil was more term approval. life of cryptography.
The money organizations that put resources into us don’t expect monstrous returns in 15 minutes or less. They put resources into the frame, he accepts that it’s a consolation message, he said.
Crypto experts have called the most recent news a bullish sign towards extended standard reception for the company and other IT resources.