This morning, Alan Howard’s crypto startup, Elwood Technologies, announced a $70 million Series A investment headed by Goldman Sachs and Dawn Capital.
Fintech businesses, asset managers, and institutional investors utilize Elwood’s crypto-focused market access and trading platform. It provides some services, including API access to various trading venues, execution, and reporting and analytics.
Howard founded Elwood in 2018. Its first efforts were to create indexes to provide investors with exposure to blockchain and cryptocurrency. Last June, The Block announced that the company had shifted its focus to software.
According to James Stickland, the company’s CEO, Elwood Technologies was created to satisfy the requirements of institutions wanting to protect exposure to digital assets.
“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.
As institutional demand for cryptocurrencies increases, they have been aggressively increasing their market position and capabilities, as per Goldman Sachs’ global head of digital assets, Mathew McDermott.
The Series A round included Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders, and Galaxy Digital Ventures, and lead investors Goldman and Dawn.
The funds will enhance the company’s product line and expand worldwide.
Elwood’s largest stakeholder is Howard, the former CEO of the hedge firm Brevan Howard. Howard has been significantly investing in the cryptocurrency industry since 2020, financing hundreds of entrepreneurs and establishing businesses. In 2022, he formed BH Digital, a crypto-focused section of the hedge fund.