New Moves In The Crypto Space: Barclays and Goldman Sachs Back $500,000,000 Crypto Tech Firm

Some new reports are revealing that two banking giants are making essential moves in the crypto space. Despite the massive market losses that we’ve seen lately, it seems that the mass adoption of digital assets is going great. Check out the latest reports here.

Financial giants Barclays and Goldman Sachs have reportedly invested in Elwood Technologies. This is a crypto infrastructure and market data platform founded by billionaire Alan Howard.

Via a new press release, the crypto trading platform says that it raised $70 million in the Series A funding round that was co-led by Goldman Sachs and early-stage venture fund Dawn Capital.

Barclays took part in this alongside other firms such as crypto-focused venture capital giant Digital Currency Group and the Mike Novogratz-led digital asset investment firm, Galaxy Digital.

The Series A funding round puts the value of Elwood Technologies at approximately $500 million – this is what Financial Times notes.

Mathew McDermott, global head of digital assets at Goldman Sachs, stated the following about the move:

“As institutional demand for cryptocurrency rises, we have been actively broadening our market presence and capabilities to cater for client demand.”

He continued and detailed the following:

“Our investment in Elwood demonstrates our continued commitment to digital assets and we look forward to partnering to expand our capabilities.”

Financial Times notes that the Series A funding round was concluded before last week’s crash. You probably remember that this wiped out hundreds of billions of dollars in crypto’s total market capitalization.

As the online publication the Daily Hodl notes, Bitcoin (BTC) fell to a low of $26,700 – this is a level last reached in December of 2020.

The king coin has since recovered to about $30,100. It’s still important to note that it is still down over 50% from the all-time high of $69,044 hit in November of 2021.