Major Players Step In

In a stunning display of confidence amidst turbulent crypto waters, banking powerhouses Goldman Sachs and Barclays have jumped on board a hefty $70 million Series A funding round for Elwood Technologies. This crypto trading platform, created by British hedge fund tycoon Alan Howard, has caught the attention of various financial institutions eager to explore the burgeoning world of digital assets.

Who Else is in the Ring?

The funding round isn’t just a two-horse race. Joining Goldman and Barclays are a host of other players, including crypto-friendly German bank Commerzbank, investment manager Galaxy Digital, and venture firm Dawn Capital. Talk about a financial throwdown! According to the Financial Times, this impressive fundraise has positioned Elwood at an estimated valuation of around $500 million.

Crypto’s Resilience Amidst Market Fluctuations

Remarkably, this investment spree comes during a notable dip in the crypto market, where a 15% decrease in total market capitalization has been documented since May 9. Elwood Technologies seems unfazed, betting on the belief that institutional giants like hedge funds and traditional banks will continue to show interest in crypto, regardless of market tempests.

Investment with a Steady Hand

James Stickland, CEO of Elwood, describes the influx of capital as more than mere optimism; he views it as validation of the crypto sector’s potential for longevity. Stickland quipped, “We’re not in it for quick wins. These financial institutions are investing in infrastructure, delivering a profound reassurance message.”

Goldman Sachs: The Digital Asset Trailblazer

Goldman Sachs isn’t just dipping its toes in the crypto pond; it’s making waves. Mathew McDermott, the firm’s global head of digital assets, highlighted that this move signals Goldman’s unwavering commitment to cryptocurrencies, stating that the demand is only set to rise. With its sights set on broader market presence and capabilities, Goldman has been a pioneering force, recently making history by providing a Bitcoin-backed loan to Coinbase.

Alan Howard and the Crypto Frontier

In several ways, Howard remains the captain of this ship, retaining majority ownership of Elwood. He previously made waves with his hedge fund Brevan Howard, which launched its crypto-focused division, BH Digital, just a couple of years back. As the market continues to evolve, there’s no denying the hefty influence Alan Howard wields in steering financial institutions toward crypto’s adventurous shores.