ELWOOD Technologies secures Serie-A financing of $ 70 million
ELWOOD Technologies secures Serie-A financing of $ 70 million
- Elwood Technologies aims to invest in the infrastructure instead of investing funds in short -term initiatives
- The recent financing of the company increased its evaluation to $ 500 million
Elwood Technologies, provider of crypto trading software, has secured an investment of $ 70 million that increased the company's evaluation to half a billion.
according to A Test report Published by Barclays put together to finance the crypto trading platform founded by the British billionaire Alan Howard. According to the report, the risk capital company DAWN Capital as well as the risk departments of Deutsche Commerzbank and Galaxy Digital also took part.
The step comes because the crypto scene is fighting with the fact that the top 500 of the leading digital assets lose over 50 % of value, since the crypto markets have to struggle with technology shares due to their correlation. The latest downward movement led to the collapse of Terra's VAT and Luna, while Bitcoin was traded under $ 30,000 for the first time in almost a year.
long -term ambition
Against this background, Elwood focuses on its financing on the (long -term) infrastructure instead of investing in short -term returns.The company is convinced that institutional investors will continue to deal with crypto. Remarkably, a deal for financing was fundamentally agreed before the latest market crash, but James Stickland, CEO of Elwood Technologies, insists that this is not a problem.
"We will receive investments from financial institutions that do not expect to achieve massive returns within 15 minutes. They invest in the infrastructure; I think it is a calming message."
The company provides financial institutions with a crypto portfolio management system. It often works with fintechs, banks, hedge funds and crypto exchanges by providing its proprietary software, which enables an interface to combine crypto exchanges, liquidity providers and stores.
Matthew McDermott, Global Head of Digital Assets at Goldman Sachs, noticed that Elwood Technologies continued to focus on crypto to meet the increasing demand from users.
"Since the institutional demand for cryptocurrency increases, we have actively expanded our market presence and our skills in order to meet customer demand." he added.
The traditional financial sector tends to crypto
The participation of Goldman Sachs in Elwood financing shows the bank's eager and strategic push into the crypto-asset area. The bank recently awarded its first Bitcoin-supported bar credit. The bank's decision is part of a larger step by financial institutions to satisfy their customers' needs for cryptoandel and investments.
In addition to financial institutions, there is an increase in private financing for crypto. In January, Alan Howard von Elwood was a co-founder of BH Digital, a crypto hedge fund under the roof of Brevan Howard, who aims to benefit from arbitrage for crypto prices.
Source: Coinlist.me
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