The digital assets market has combined with traditional finance to provide UK crypto trading platform Elwood with fresh funding.
A total of $70m in a Series A investment round was put into the platform, co-led by Dawn Capital and Goldman Sachs, in addition to monetary backing from Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders and Galaxy Digital Ventures.
Despite the recent crypto crash, institutional investors are seemingly maintaining a high interest towards the cryptocurrency ecosystem, clearly marked by this collaborative capital injection.
CEO of Elwood James Stickland acknowledged the leap financial institutions are taking towards digital assets, calling it a “new chapter” for Elwood and its institutional clients.
He said: “Elwood was established to meet the needs of institutions seeking to secure exposure to digital assets by providing a robust and transparent platform which delivers the highest standards expected in traditional finance.
“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.”
Dawn Capital and Goldman Sachs also remained clear in their statement about what the end goal of the funding round is, showcasing a commitment to bringing cryptocurrencies further into the mainstream.
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, 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.”