Goldman Sachs and Barclays invest in UK crypto trading platform Elwood

cointelegraph.com:

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

Joining the round was crypto-friendly German bank Commerzbank, crypto investment manager Galaxy Digital, and Dawn Capital as reported by the Financial Times on May 15. The fundraising round valued the company at around $500 million according to the report.

Despite the recent fall in crypto markets, Elwood said it's betting that traditional financial institutions such as hedge funds and banks will still be interested in investing in cryptocurrencies. Elwood's funding round was already agreed to and in motion before the latest drop in prices which has seen roughly 15% wiped off the total crypto market cap since May 9 according to CoinMarketCap.

Elwood Technologies CEO James Stickland said the fundraising was “another validation of the longevity of crypto” brushing off the falling prices from the last few weeks:

Elwood Technologies provides a crypto portfolio management system with crypto market information and trading infrastructure for institutional investors that features an interface that connects to crypto exchanges, liquidity providers, and custodians.

Commenting on the deal Goldman Sachs’ global head of digital assets Mathew McDermott said the investment showed the firm has “continued commitment” to cryptocurrencies, adding:

The funding from Goldman Sachs marks the bank's further expansion into crypto assets. The investment bank was the first to offer a loan backed by Bitcoin (BTC) to crypto exchange Coinbase in early May. It has long seen an interest in the space, even referring to digital