Goldman Sachs And Barclays Invest In Elwood

The global head of digital assets at Goldman Sachs said that institutions’ demand for cryptocurrencies is increasing. They are expanding their work for this.

Goldman Sachs and UK’s Barclays have participated in a $70 million Series A funding round for Elwood Technologies, the institutional crypto trading platform founded by Alan Howard.

German bank Commerzbank, crypto investment manager Galaxy Digital and Dawn Capital also participated in this round.

Elwood said that traditional financial institutions such as hedge funds and banks will continue to invest in cryptocurrencies. Elwood’s funding round was considered prior to the crypto market crash.

James Stickland, CEO of Elwood Technologies:

We receive investments from financial institutions that do not expect to generate large returns within 15 minutes. They’re investing in infrastructure, I think that’s a reassurance message.

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

Goldman Sachs

Mathew McDermott, head of global digital assets at Goldman Sachs:

As institutional demand for cryptocurrency grows, we are actively expanding our market presence and capabilities to meet customer demand.

Funding from Goldman Sachs marks the further expansion of the bank’s crypto holdings.

The investment bank became the first bank to offer Bitcoin-backed credit to Coinbase in May.

Goldman CEO David Solomon and FTX CEO Sam Bankman-Fried held a meeting. The meeting discussed Solomon’s offer to assist FTX with future funding rounds and regulatory compliance.

Elwood Technologies will be owned by Alan Howard. Alan Howard was also the co-founder of hedge fund Brevan Howard.

RELATED : Bitcoin might be forming a symmetrical triangle

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

Check Also


Therefore, Binance Chain (BNB) faced an important price test on September 30.

What's in this article1 A drop in price deposits could be a red flag2 Gameta-led …

Leave a Reply

Your email address will not be published.