London-based Elwood Technologies, a platform providing institutional-grade access to digital asset markets and liquidity venues, has raised $70 million in Series A funding. The financing round was co-led by Europe’s largest B2B investor Dawn Capital (that invested in Shoreline.io) and the global investment bank, Goldman Sachs (that invested in Rapyuta Robotics and Kyte).
The round saw participation from prominent investors in both the traditional finance and digital asset industries, including Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders and Galaxy Digital Ventures.
Marks longevity of crypto
Elwood Technologies will deploy the funds to meet the needs of its rising number of institutional clients by expanding both the Company’s breadth of product offerings and its global operations. The fresh funds are claimed to be another validation of the longevity of crypto despite the drop in the market.
James Stickland, CEO of Elwood Technologies commented, “We have entered a new chapter in Elwood’s journey and continue to expand our capabilities, enabling our institutional clients to provide their users with improved access to digital assets. The rich mix of investors participating in this raise reaffirms the movement of financial institutions working closely with their native digital asset technology providers. Together, we aim to provide broader mass market involvement in digital assets and cryptocurrency. We look forward to working with our investors to further enhance our offerings and broaden their market adoption.”
General Partner of Dawn Capital, Josh Bell, said, “At Dawn, we continue to seek out first-class infrastructure that will continue to support the rapid evolution of the digital asset market. Our investment in Elwood was a natural fit, given the business’s cutting-edge technology, experienced team and significant market opportunity. Now is an important moment in Elwood’s evolution as its technology moves to the mainstream, and we look forward to supporting them to unlock access to the digital asset market for institutions everywhere.“
Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, commented, “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.”
Digital asset platform
Elwood Technologies was founded by billionaire British hedge fund manager Alan Howard in 2018 to provide a vehicle for traditional financial institutions to access crypto-native digital assets by bridging the gap in the cryptocurrency ecosystem.
Its seamless end-to-end OMS/EMS/PMS platform provides low-latency connectivity to global crypto exchanges and deep liquidity via one single API. Elwood Technologies provides market infrastructure at scale, enabling financial institutions, neobanks, and corporations to access the digital assets market quickly and efficiently.
The platform is designed to simplify entry to digital assets for institutional investors. Its full-stack solution provides seamless execution and deep liquidity; diverse market connectivity; full reporting and analytics; dedicated customer support; and access to a broad range of instruments.
It provides secure exposure to crypto for traditional finance with a broad range of reporting and analytics. Its platform can be used with any existing trading software running at a traditional financial institution and allows them to manage their existing crypto portfolio in a manner that they are already familiar with.