Amid the ongoing bloodbath in the crypto, a ray of hope is still alive. Elwood Technologies has raised $70 million in a Series A funding round. Two leading wall street players, Dawn Capital and Goldman Sachs have invested in Elwood Technologies.
Along with Dawn Capital and Goldman Sachs, other participants such as Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders, and Galaxy Digital Ventures have also joined this series A funding round.
With this investment, these wall street players joined a bandwagon of venture capital companies with Dawn Capital, Germany’s Commerzbank, and Galaxy Digital in investing capital into crypto-centric firms.
Elwood stated that the funding round is aiming for infrastructure around the ecosystem in spite of short-term returns. Elwood will use the funds to meet the demands of its rising number of institutional clients by expanding both the Company’s breadth of product offerings and its global operations.
James Stickland, CEO of Elwood Technologies, said in a statement “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.”
“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,” he added.
Elwood facilitates institutional investors with the software necessary for notably high investment in crypto. Using its software, investors can interact with banks, hedge funds, crypto exchanges, and fintech to access adequate trading data, which it fetches from trading platforms.
“As institutional demand for cryptocurrency rises, we have been actively broadening our market presence and capabilities to cater for client demand,” said Goldman Sachs’ digital asset head Matthew McDermott.
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