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The cryptocurrency company backed by billionaire fund manager Alan Howard, Elwood Technologies, has raised $70 million in a funding round co-led by Goldman Sachs (GS) and Dawn Capital.
Other notable participants in the Series A round included U.K. bank Barclays (BCS) and Commerzbank’s CommerzVentures, as well as Galaxy Digital Ventures, BlockFi Ventures, Flow Traders, Chimera Ventures and Digital Currency Group.
The London-based firm first launched its blockchain and crypto-related products in 2019. With the investments of Goldman Sachs and Barclay, Elwood has secured support from Wall Street’s leading bank in crypto space and a pioneer in British banking in the field of blockchain.
James Stickland, CEO of Elwood Technologies, said:
“The rich mix of investors participating in this raise reaffirms the movement of financial institutions working closely with their native digital asset technology providers.”
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Mathew McDermott, global head of digital assets at Goldman Sachs, added:
“As institutional demand for cryptocurrency rises, we have been actively broadening our market presence and capabilities to cater for client demand. Our investment in Elwood demonstrates our continued commitment to digital assets and we look forward to partnering to expand our capabilities.”