Elwood Technologies announced the closure of its $70 million Series A funding, round led by Goldman Sachs and Europe’s largest BtoB investor Dawn Capital. In the current awful climate for markets, such institutional support is perhaps a sign of more future adoption for crypto.
The round was also participated in by Germany’s Commerzbank and Mike Novogratz’s Galaxy Digital. The investment now puts Elwood at a valuation of around $500 million.
James Stickland, CEO of Elwood Technologies, said of the funding round:
"Elwood was established to meet the needs of institutions seeking to secure exposure to digital assets by providing a robust and transparent platform which delivers the highest standards expected in traditional finance. 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. We look forward to working with our investors to further enhance our offerings and broaden their market adoption."
According to Yahoo Finance, Elwood, founded by billionaire hedge fund investor Allen Howard, has redirected its focus towards selling “market data, and trading infrastructure and asset management software to clients” interested in digital assets.
The interest shown by institutions here is a strong signal that they believe cryptocurrency is here to stay, and that over the long term the sector will grow as more and more infrastructure is built out.
Josh Bell, General Partner at Dawn Capital, echoed this when he said:
"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."
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