Elwood's Investment by Goldman Sachs and Barclays is A Win for Crypto Adoption

Elwood Technologies received $70 million in backing from Goldman Sachs and Barclays.

The investment, according to the CEO of the crypto trading platform, is "another affirmation of the endurance of crypto."

Despite recent crypto market turbulence, the investment round was successful.

The Financial Times reported on Sunday that two of the world's largest investment banks had made a significant investment in bitcoin trading platform Elwood Technologies.

Goldman Sachs and Barclays, as well as venture investor Dawn Capital and the VC units of Germany's Commerzbank and US crypto millionaire Mike Novogratz's Galaxy Digital, joined in a $70 million investment round.

Elwood Technologies was valued at roughly $500 million in the investment round, which was the company's first outside financing.