Goldman Sachs Group Inc. and Barclays Plc participated in a $70 million funding round of Elwood Technologies LLP, the cryptocurrency trading platform founded by billionaire Alan Howard, in a collaboration between crypto-native funds and traditional financial institutions.
The financing valued the six-year-old company at over $500 million, according to a person familiar with the matter. Other investors include Dawn Capital LLP and units of Commerzbank AG and Galaxy Digital Holdings Ltd., the crypto merchant bank headed by billionaire Michael Novogratz, Elwood said in a statement.
While Elwood was founded to meet the needs of institutions seeking exposure to digital assets, the platform is entering a new phase “to provide broader mass market involvement,” Chief Executive Officer James Stickland said in the statement.
Bloomberg, the parent company of Bloomberg News, has a partnership with Elwood that connects the crypto trading platform with Bloomberg’s order management system.