Goldman Sachs And Barclays Invest In Uk Crypto Trading Platform Elwood
[TL; DR]
Elwood technologies, a digital asset and infrastructure development company, is partnering with Goldman Sach, Barclays, BlockFi Ventures, Chimera Ventures, Commerz Ventures, Galaxy Digital Ventures, and Flow Traders.
The collaboration will raise $70 million in funding for a crypto trading platform.
Elwood is co-leading the funding round with Dawn Capitals and eight other financial institutions as partners.
Elwood Technologies was founded by Alan Howard, a billionaire British hedge fund manager, in 2020.
Elwood specializes in building institutional-grade digital assets trading infrastructure and providing liquidity venues through a single API.
The Series A funding round ended on May 16, 2022, after raising $70 million.
The raised fund will be deployed to expand the partnering company’s breadth and global operation strength to contain its rising client demands.
It is a mutual agreement and mutually beneficial to all contributing parties.
Keywords: Goldman Sach, Elwood, crypto, trading, collaboration, the funding round, partners.
[Full Article]
Since the cryptocurrency market became one of the most sought-after investment destinations globally, several industries have formed partnerships to invest in or launch their crypto-based platforms. These platforms vary from trading platforms to exchange, Marketplace, Peer-2-Peer exchange, NFT marketplace, etc.
Topping the list of industrial giants leading the partnerships are financial institutions looking forward to establishing a decentralized platform for the services they were rendered traditionally.
Today's spotlight will be on the partnership between Goldman Sach, a global investment giant, and Barclays. We shall identify their investment plans in Elwood, a UK-based cryptocurrency platform.
Let's begin!
The collaboration and funding round details show that Elwood is co-leading the round. It will also be the company to develop the digital asset infrastructure and crypto trading platform that all the partnering financial institutions will use.
Before we move to the details of the funding round and all other partners in the agreement, it is expedient to identify the services rendered by Elwood.
What Is Elwood Technology?
Image: The Crypto Times
Elwood Technologies was founded by billionaire British hedge fund manager Alan Howard in 2020. It is an established Fintech that builds institutional-grade digital assets trading platforms.
Headquartered in the United Kingdom, it has a seamless end-to-end OMS/EMS/PMS platform that provides low-latency connectivity to global crypto exchanges and deep liquidity via a single Application Programming Interface (API).
The leading service provided by Elwood is to ensure market infrastructure at scale and enable financial institutions and business corporations to access the digital market without the hassle.
In May 2022, Elwood Technologies raised $70 million in a Series A funding round from investors that include Barclays Corporate Banking, Goldman Sach, and seven others.
The Series A Funding Round By Elwood In Collaboration With Goldman Sach, Barclays, And Others.
Image: Forex Club
Goldman Sach, in a move to embrace the decentralized platform alongside its traditional investment programs, entered into a partnership with business-to-business investor Dawn Capital to co-lead financing of $70 million. The raised fund is an investment into a UK-based cryptocurrency trading platform called Elwood.
Elwood, a technology development company that specializes in building institutional-grade digital assets trading infrastructure and providing liquidity venues through one single Application Programming Interface, announced the details of the funding.
Elwood Technologies announced that the funding round series A ends on May 16, 2022, after raising $70 million. The funding round was co-led by Europe's Dawn Capital and Goldman Sach. The funding round allowed participation from prominent investors in the traditional financial institution and digital asset industries.
The investors participating in the $70 million Series A funding include Barclays, BlockFi Ventures, Chimera Ventures, Commerz Ventures, Galaxy Digital Ventures, and Flow Traders.
This partnership shows that it was a landmark collaboration between crypto-native funds providers and financial institution giants. The partnership highlights the growing urge for traditional financial institutions to become stakeholders in the cryptocurrency ecosystem.
According to Elwood, the fund will be deployed to expand the partnering company’s breadth and global operational strength to meet the needs of its rising number of clients. Goldman Sach keeps having more institutional patrons spread across the globe, and to provide seamless service, it is co-leading the funding round.
The Partnership between Goldman Sach, Dawn Capital, Elwood, Barclays, and others benefits all stakeholders participating in the funding. Some of the Companies' representatives attest to this in their speeches at the close of the financing round.
James Stickland, the Chief Executive Officer (CEO) of Elwood Technologies, said, “…. We have entered a new chapter in Elwood’s journey and will continue to expand our capabilities, enabling our clients to provide their users with improved access to digital assets.”
Mathew McDermott, the Global Head of Digital Assets at Goldman Sach, said, “... our investment in Elwood demonstrates our continued commitment to digital assets, and we look forward to partnering to expand our capabilities.”
Similarly, Josh Bell, the General Partner of Dawn Capital, said, “ At Dawn… our investment in Elwood was a natural fit, given the business’s cutting edge technology, experienced team, and significant market opportunity.
Conclusion
The investment by Goldman Sach and Barclays is not the first of its kind. Recently, we have seen long-established financial institutions like JP Morgan Chase partnering with tech giants to launch its decentralized Finance platform.
Similarly, Elwood has entered a partnership with Bloomberg to provide Bloomberg users with institutional crypto trading capabilities.
The partnership between Elwood and these financial service providers is mutually beneficial to all parties involved. Elwood has a long-standing record and is reliable for building digital asset infrastructures.
Undoubtedly, the collaboration will birth the launch of a smart DeFi platform that will enable the patrons of these financial institutions to enjoy the full features of a decentralized finance platform.
Author: Valentine. A, Gate.io Researcher
This article represents only the researcher's views and does not constitute any investment suggestions.
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