Goldman Sachs has backed Elwood Technologies, a digital asset platform for institutional investors.
The investment bank co-led a $70 million Series A round into Elwood, which aims to simplify entry to the space, alongside Dawn Capital.
There was additional participation from prominent investors in both the traditional finance and digital asset industries, including Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders and Galaxy Digital Ventures.
Elwood will deploy the funds to meet the needs of its rising number of institutional clients by expanding both the company’s breadth of product offerings and its global operations.
“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,” said James Stickland, CEO of Elwood Technologies.
“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.”
The solution provides execution, liquidity, market connectivity, reporting and analytics. It is already being utilised by FinTechs, asset managers and FI clients.
Mathew McDermott, global head of digital assets at Goldman Sachs, commented: “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.”