Amidst the Market’s Correction
According to a story in the Financial Times, participants in the funding round include not only the pair of Goldman Sachs and Barclays, but also the well-known German bank Commerzbank, which is well-known for its crypto-friendly policies. Other members of the funding team include bitcoin investment manager Galaxy Digital and Dawn Capital. As a result of the successful fundraising effort, the worth of the recipient company, Elwood Technologies, has increased to $500 million. Curiously, the funding round occurred during a period in which the cryptocurrency market was in free fall, which caused investors and traders to suffer massive losses in the value of their asset portfolios. However, Elwood is convinced that traditional financial institutions such as banks and managers of hedge funds will continue embrace solutions related to digital assets in the years to come. ALSO READ VT Markets Review: Is VT Markets a Scam or a Legit Trading Platform? Bitcoins Market Reviews: Is Bitcoins Business Scam or Legit? Is LUNA Foundation Currently Offering Purchased Bitcoin At A Discount? One thing to keep in mind is that the Elwood round of funding had already been completed prior to CoinMarketCap reporting a 15% market capitalization wipeout on crypto since May 9. James Stickland, the CEO of Elwood Technologies, highlighted that the investment round has given more support to the long-held notion that cryptocurrency is here to stay. He did this while brushing off the price decrease that has been hovering over the market for the previous couple of weeks.[rb_related title=”More Read” style=”light” total=”4″]
Stickland claims that because these traditional financial institutions are investing in Elwood’s financial infrastructure, the firm is able to attract investments from traditional investors who are interested in either the long-term or short-term benefits of their involvement.
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