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Goldman Sachs and Barclays invest in British crypto trading platform Elwood



 Banking giants Goldman Sachs and Barclays have joined in a $70 million Series A funding round for institutional crypto trading platform Elwood Technologies, founded by British billionaire hedge fund manager Alan Howard.


Crypto- friendly Commerzbank of Germany, crypto investment manager Galaxy Digital and Dawn Capital also participated in the funding round, according to the Financial Times . With the funding round, the company is now worth around $500 million, according to the report.


Despite the recent drop in crypto markets , Elwood believes traditional financial institutions like hedge funds and banks will remain interested in investing in cryptocurrencies. Elwood's funding round was agreed and initiated prior to the recent stock market slump. According to CoinMarketCap, the total market cap of all cryptocurrencies has fallen by around 15 percent since May 9 .


Elwood Technologies CEO James Stickland said the fundraising was "further validation of cryptocurrency's longevity." When asked about the falling prices in recent weeks, he dismissed:


"We get investments from financial institutions that don't expect to make big profits in 15 minutes. They're investing in infrastructure and I think that's an empowering statement."

Elwood Technologies offers a crypto portfolio management system with crypto market information and trading infrastructure for institutional investors that includes an interface connecting crypto exchanges, liquidity providers and custodians.


Mathew McDermott, global head of digital assets at Goldman Sachs, commented that the investment shows the company's continued commitment to cryptocurrencies:


"As institutional demand for cryptocurrencies increases, we have been actively expanding our market presence and capabilities to meet client demand."

The Goldman Sachs funding shows the bank is moving deeper into the crypto assets space. At the beginning of May, the investment bank was the first bank ever to offer the Coinbase crypto exchange a loan backed by Bitcoin ( BTC ) . The bank has long been interested in this space, saying in March that digital assets and the metaverse are "megatrends."


Goldman CEO David Solomon and FTX CEO Sam Bankman-Fried also recently met and Solomon offered to help FTX with future funding rounds and regulatory compliance.


Elwood Technologies remains majority owned by Alan Howard, the lead investor prior to the Series A funding round. Howard co-founded hedge fund Brevan Howard, which launched its crypto investment arm, BH Digital , in September 2021 .

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