Dawn Capital and global investment bank, Goldman Sachs have co-led a $70m Series A funding round in Elwood Technologies, a platform providing institutional-grade access to digital asset markets and liquidity venues.
Other investors in the round included Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders and Galaxy Digital Ventures.
Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, said: “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.”
The collaboration between crypto-native funds and long-established financial institutions highlights the broadening convergence between traditional finance and digital assets, as well as a heightened appetite from institutional investors in the cryptocurrency ecosystem.
“At Dawn, we continue to seek out first-class infrastructure that will continue to support the rapid evolution of the digital asset market. 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,” said General Partner of Dawn Capital, Josh Bell.
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 Technologies provides market access to the world’s crypto trading and liquidity venues through a single, integrated platform.
Elwood was established to meet the needs of institutions seeking to secure exposure to digital assets by providing a robust and transparent platform that delivers the highest standards expected in traditional finance, according to James Stickland, CEO of Elwood Technologies.
Designed to simplify entry to digital assets for institutional investors, Elwood’s full-stack solution provides seamless execution and deep liquidity; diverse market connectivity; full reporting and analytics; dedicated customer support; and access to a broad range of instruments.
Elwood’s infrastructure has been perfected over three years and is already being utilised by leading fintechs, asset managers, and FI clients.
“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,” he said.
“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,” he added.
