(Cointelegraph) Banking giants Goldman Sachs and Barclays are ramping up their crypto investments after participating in a $70 million Series A Funding for Elwood Technologies.
The funding round values the institutional crypto platform owned by British Hedge fund billionaire Alan Howard at $500 million.
The funding also attracted Germany’s Commerzbank, crypto investment Manager Galaxy Digital and Dawn Capital.
Elwood says that the firm is betting that banks and traditional hedge funds will remain interested in cryptocurrencies despite the recent volatilities. CEO James Stickland says the funding round was a validation of crypto despite the fall in prices in recent weeks.
Goldman Sachs head of digital assets Mathew McDermott says that the investment shows the firm’s commitment to digital assets.
Alan Howard will remain as the main investor in Elwood after the Series A funding.
BTCUSD is down -4.75%, ETHUSD is down -5.46%.
