A $70 million Series A investment headed by Goldman Sachs and Dawn Capital has been announced for Alan Howard’s crypto company Elwood Technologies.
As a service to financial institutions, Elwood is a crypto-focused trading and market access platform. Connectivity to numerous trading venues through an API, execution and reporting and analytics are just a few of the capabilities it provides.
The year 2018 saw Howard establish Elwood as a business venture. In the beginning, it concentrated on developing indexes that would expose investors to blockchain and cryptocurrency. In June of last year, The Block declared that the company’s emphasis had shifted to software.
A statement from James Stickland, CEO of Elwood Technologies, said that the firm was “created to answer the requirements of institutions wanting to protect exposure to digital assets.
It’s a new chapter in Elwood’s story, he said. “We’re expanding and enhancing our capabilities, allowing our institutional customers to give their users better access to digital assets.”
Guggenheim has been expanding its market presence and capabilities to meet the growing demand from institutional investors for digital assets, according to Mathew McDermott, the global head of digital assets at Goldman Sachs.
Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures and Flow Traders all participated in the Series A round, which was led by Goldman Sachs and Dawn. The money will be used to increase the company’s product line and extend its global reach.
Elwood’s principal shareholder is Howard, a former CEO of Brevan Howard. As of late 2020, Howard has invested extensively in the crypto industry by putting money into hundreds of companies and establishing businesses. The crypto-focused subsidiary of the hedge fund he created, BH Digital, was formed earlier this year.
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