Investment banking firm Goldman Sachs and multinational bank Barclays have invested in cryptocurrency trading platform Elwood in a Series A funding.
Elwood Technologies, founded by hedge fund manager Alan Howard, raised $70 million in the funding, which also attracted interest from Galaxy Digital and Dawn Capital.
The cryptocurrency firm rose to a valuation of about $500 million. Despite the recent market crash, the firm cited that the hedge funds and banks will remain interested in the sector.
Elwood’s CEO James Stickland says that the raise is proof of the digital asset’s longevity despite the recent market liquidations.
Goldman Sachs further expands in the cryptocurrency space. The bank was the first traditional financial institution to offer loans backed by bitcoin in May.
Elwood Technologies offers a cryptocurrency portfolio management system with market insights and trading infrastructure for institutional investors.