- 25 May 2022
- Posted by: Cryptovalues
- Category: World News
Demand from customers for cryptocurrencies continues, and little importance is attached to the fall in prices in recent days.
Two giants of Traditional Finance such as Goldman Sachs and Barclays continue to show their continued interest, both directly and for their wealthier clients. once again highlighting the strength of the sector that will continue in its longevity.
Funding rounds by traditional financial operators betting on companies working in the digital sector continue.
Over the past few days, Elwood Technologies, a cryptocurrency-focused platform founded by British hedge fund billionaire Alan Howard, has finalised a funding round by obtaining $70 million from a number of investors.
In addition to Goldman Sachs and Barclays, Commerzbank, a German group that has long been active in the cryptocurrency world, also participated in the financing. Others who have ‘bet’ on the project include BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders and Galaxy Digital Ventures.
According to the Financial Times, the round values the company at around USD 500 million.
Elwood’s platform aims to provide institutional-level access to cryptocurrency markets. Interesting comments from Elwood’s CEO suggest that the investment will be verified over the medium to long term:
“We are receiving investments from financial institutions that do not expect major returns in 15 minutes.
They are investing in infrastructure, and this is a reassuring message‘.
By contrast Mathew McDermott, global head of digital assets at Goldman Sachs:
“As institutional demand for cryptocurrencies has increased, Goldman Sachs has expanded its market presence to meet client demand.“
Goldman Sachs’ proximity to the crypto sector is more evident day by day, so much so that a few days ago the group reportedly took out a loan with collateral in Bitcoin,
In practice, Goldman Sachs allowed, through this transaction, the borrowing client to use bitcoin as collateral to obtain a cash loan.