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Historic day for crypto, Elwood raises $70M in its first round from Goldman Sachs and Barclays

Elwood goes big in the first round

Alan Howard owns Elwood Technologies, a digital asset platform for institutions. Elwood provides a diverse set of services, including a trading platform for fintech firms and asset managers, as well as a variety of connection services via an API, execution, reporting, and analytics. Because institutions are interested in participating in the crypto market, Howard created the Elwood platform to meet the needs of institutions looking to invest in digital currencies. Elwood raised $70 million in the first round of funding from Goldman Sachs, Barclays, and CommerzVentures, as well as venture capital organizations.

Impact of crypto market crash

Though the crypto market crashed on May 12, 2022, the institutions are keen in investing in crypto exchanges and firms dealing in digital assets. Elwood’s funding round was already in motion before the market crashed which wiped out almost 15% of the market cap. But even though a lot of money disappeared institutions cite longevity and liquidity of crypto currency as the reason for the increased investment opportunities.

 

Demand for crypto currency in Institutions

Even though the market crashed, there is a high demand for crypto currencies from institutions. One of the major reasons for this is that, UK announced new legislation for validating both crypto currencies and stablecoins and enable the crypto market to revive back to normalcy. Elwood Technologies CEO James Stickland said that the recent funding is another validation of the longevity of crypto. The institutions investing in crypto are not looking for returns in 15 minutes but they are investing in the infrastructure which in hindsight reassures us that crypto market will rise again.

Goldman Sachs role in bringing cryptocurrencies to the global front

Goldman Sachs role in Cryptocurrency

Picture Credits: bigproperty

The investment in Elwood, according to Global Sachs’ global head of digital assets, Mathew Mcdermott, demonstrates the company’s continuous efforts to push cryptocurrency to the global forefront. “Institutional demand for cryptocurrency has been rising,” he added. To meet this demand, we’ve been actively expanding our market presence and capabilities.” In addition, Goldman Sachs’ crypto asset portfolio continues to expand. It is credited with being the first investment bank to lend crypto assets and has long been aware of the trend.

Writer’s Report:

Even if the market plummeted and many monies were lost, I believe the trust exhibited by the UK government and other institutions around the world signals a possible attempt to bring the crypto market back to normalcy. Institutions like Elwood judge the trustworthiness of institutions and asset managers, and giving them with proper findings will only add to the crypto market’s ethical value.

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