Elwood Technologies Closes $70M Series A Funding Round by Dawn Capital and Goldman Sachs.
Institutional-grade digital asset trading technology and liquidity provider, Elwood Technologies, on Tuesday the 17th of May, 2022, announced the close of a Series A funding round. The company raised about $70 million from European B2B investor, Dawn Capital, and global investment bank Goldman Sachs.
Dawn Capital and Sachs pooled funds together along with some of the financial – and digital asset industry’s most prominent firms. BlockFi Ventures, Barclays Ventures, Chimera Ventures, CommerzVentures, Flow Traders, Galaxy Digital Ventures, as well as Digital Currency Group also threw their weight behind the venture.
“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.” – James Stickland, CEO of Elwood Technologies.
The funding endeavor marks a landmark collaboration between the established institutional and emerging crypto-based financial powerhouses. This seems to indicate a growing convergence between incumbent and digital finance. It also shows that there is an increasing interest from traditional finance to enter the cryptosphere.
“As institutional demand for cryptocurrency rises, we have been actively broadening our market presence and capabilities to cater to client demand. Our investment in Elwood demonstrates our continued commitment to digital assets and we look forward to partnering to expand our capabilities.” – Mathew McDermott, Global Head of Digital Assets at Goldman Sachs.
Elwood aims to use the freshly raised funds to accommodate its ever-growing number of institutional clients by growing its list of offerings and bolstering its internationally dispersed operations. Already being utilized by financial industry clients, fintech firms, and asset managers, Elwood’s technology was set up to make entry into digital asset markets more seamless, offering full-stack infrastructure, and a deep well of liquidity.
“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.” – Stickland
“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.” – General Partner of Dawn Capital, Josh Bell,