Key Takeaways
- • Elwood Technologies, a London-based crypto trading company backed by billionaire fund manager Alan Howard, raised $70 million in a Series A round co-led by Goldman Sachs and Dawn Capital.
- • Barclays, CommerzVentures, Galaxy Digital Ventures, BlockFi Ventures, Flow Traders, Chimera Ventures and Digital Currency Group also participated in the round, according to CoinDesk.
- • The round reportedly brought Elwood's valuation to $500 million, per a supplemental report.
- • Goldman Sachs global head of digital assets Mathew McDermott framed the investment as part of the bank's broadening institutional crypto presence.
- • Elwood, which launched its first blockchain and crypto products in early 2019, positions itself as an institutional digital asset trading platform.
Summary
Elwood Technologies, a cryptocurrency company backed by billionaire fund manager Alan Howard, closed a $70 million funding round co-led by Goldman Sachs (GS) and European B2B investor Dawn Capital, according to CoinDesk. The round was structured as a Series A and also included U.K. bank Barclays (BCS), Commerzbank's CommerzVentures, Galaxy Digital Ventures, BlockFi Ventures, Flow Traders, Chimera Ventures and Digital Currency Group, CoinDesk's parent company.
London-based Elwood launched its first blockchain and crypto-related products in early 2019 and operates as an institutional digital asset trading platform. CoinDesk noted that Goldman is among the leading Wall Street banks in crypto, while Barclays, which had become a thought leader in early permissioned blockchain experimentation, represents a notable addition to Elwood's investor base. Supplemental coverage reported that the round brought Elwood's valuation to $500 million.
Elwood CEO James Stickland said in a statement that the mix of investors "reaffirms the movement of financial institutions working closely with their native digital asset technology providers." Mathew McDermott, global head of digital assets at Goldman Sachs, said the bank has been "actively broadening our market presence and capabilities" to meet rising institutional demand for cryptocurrency, and that its investment in Elwood demonstrates continued commitment to digital assets.
London-based Elwood launched its first blockchain and crypto-related products in early 2019 and operates as an institutional digital asset trading platform. CoinDesk noted that Goldman is among the leading Wall Street banks in crypto, while Barclays, which had become a thought leader in early permissioned blockchain experimentation, represents a notable addition to Elwood's investor base. Supplemental coverage reported that the round brought Elwood's valuation to $500 million.
Elwood CEO James Stickland said in a statement that the mix of investors "reaffirms the movement of financial institutions working closely with their native digital asset technology providers." Mathew McDermott, global head of digital assets at Goldman Sachs, said the bank has been "actively broadening our market presence and capabilities" to meet rising institutional demand for cryptocurrency, and that its investment in Elwood demonstrates continued commitment to digital assets.
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