Elwood Technologies, the provider of cryptocurrency trading tools for institutions, completes a $70m fundraising round. This round chaired by Goldman Sachs and Dawn Capital reaffirms the attractiveness of traditional finance for our ecosystem, despite the market context.
Elwood Technologies closes Series A round of financing
Institutional cryptocurrency trading specialist Elwood Technologies announces it has closed a $70 million Series A round of funding:
We’re excited to announce Elwood has raised $70M in our Series A. Co-Led by @dawncapital and @GoldmanSachs, The raise showscases the continuing collaboration of TradiFi and Crypto.
– Elwood (@elwood_io) May 16, 2022
The funding round was led by Goldman Sachs as well as Dawn Capital and included stakes from names such as British bank Barclays, Commerzbank, Germany’s second largest bank and cryptocurrency platform BlockFi.
According to people close to the matter, the deal would bring the company’s valuation to $500m.
Josh Bell, general partner at Dawn Capital commented on his firm’s position in the financing:
“At Dawn, we continue to look for first-class infrastructure that will continue to support the rapidly evolving digital asset market. Our investment in Elwood was a natural fit, given the company’s leading technology, experienced team and significant market opportunities. “
Institutional appeal of cryptocurrencies
In this widespread downturn, Elwood’s fundraising has symbolic importance, demonstrating institutional interest in the cryptocurrency market despite the situation.
Although the deal closed just before the events of last week, Elwood’s CEO James Stickland has since reaffirmed the motivations of traditional finance:
“We get investments from financial institutions, who don’t expect to get massive returns in 15 minutes. They are investing in infrastructure. I think that’s a message of comfort. “
The British company will therefore be able to continue to improve and expand its services on a global scale, while encouraging the arrival of capital on our ecosystem. Earlier this year, Bloomberg chose to integrate with Elwood’s platform to enhance its business offering.
