Elwood Technologies freezes $ 70 million in Series A funding

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Elwood Technologies aims to invest in infrastructure instead of injecting funds into short-term ventures The company’s latest funding pushed its valuation to 500 million dollars Elwood Technologies, the company providing software for trading cryptocurrencies, secured a 70 million dollar investment that pushed the company’s valuation to half a billion. According to a report published by the Financial Times on 15 in May, Goldman Sachs and Barclays teamed up to fund the cryptocurrency platform founded by British billionaire Alan Howard. The report detailed the holding of venture capital firm Dawn Capital and venture capital divisions of Germany’s Commerzbank and Galaxy Digital. The move comes when the cryptocurrency world is struggling, with the first 500 digital assets losing more than 50% in value as cryptocurrency markets continue to struggle due to their correlation with tech stocks. The recent downturn saw the UST and LUNA di Terra collapse, while Bitcoin was trading for less than 30. 000 $ for the first time in nearly a year. Long-term ambition With this in mind, Elwood is focusing its funding on infrastructure (long term) rather than investing in short term returns. The company believes institutional investors will continue to delve into cryptocurrencies. Notably, a financing deal was agreed prior to the recent market crash, but Elwood Technologies CEO James Stickland insists it’s not a problem. “We are receiving investments from financial institutions that do not expect huge returns in 15 minutes . They are investing in the infrastructure; I think this is a reassurance message. ” The company provides financial institutions with a crypto wallet. It often works with FinTechs, banks, hedge funds, and cryptocurrency exchanges by providing its proprietary software that allows an interface to connect exchanges, liquidity providers and custodians. Goldman Sachs Global Head of Digital Assets Matthew McDermott noted that Elwood Technologies continued to focus on cryptocurrencies with the goal of meeting growing user demand. “With increasing institutional demand for cryptocurrency, we have actively expanded our market presence and capabilities to meet customer demand”, added. The traditional financial sector gravitates towards cryptocurrencies Goldman Sachs’ stake in Elwood’s financing indicates the bank’s intense and strategic foray into the cryptocurrency space. The bank recently issued its first Bitcoin-backed cash loan. The bank’s decision is part of a broader move by financial institutions to meet the needs of their clients for trading and investing in cryptocurrencies. In addition to institutions financial, there is an increase in private funding for cryptocurrencies. In January, Elwood’s Alan Howard co-founded BH Digital, a crypto hedge fund under the aegis of Brevan Howard that aims to capitalize on cryptocurrency price arbitrage.