Goldman Sachs, Barclays invest in cryptocurrency platform Elwood Technologies (NYSE:GS)

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Global investment giant Goldman Sachs (NYSE:GS), along with business-to-business investor Dawn Capital, have co-lead financing of $70M for U.K.-based cryptocurrency trading platform Elwood Technologies, according to a release Monday.

Elwood, which builds institutional-grade digital assets trading infrastructure, provides low-latency connectivity to global crypto exchanges, in addition to liquidity venues through one single application programming interface (“API”).

Other investors in the Series A funding round include Barclays (NYSE:BCS) and venture capital arms of Germany’s Commerzbank (OTCPK:CRZBF) (OTCPK:CRZBY) as well as Galaxy Digital (OTCPK:BRPHF).

Elwood will use the proceeds to expand its breadth of product offering and its global operations, the release said.

“As institutional demand for cryptocurrency rises, we have been actively broadening our market presence and capabilities to cater for client demand. Our investment in Elwood demonstrates our continued commitment to digital assets and we look forward to partnering to expand our capabilities.” said Mathew McDermott, global head of Digital Assets at Goldman Sachs.

The move comes as traditional investment firms take further steps to embrace the decentralized space. In March, Goldman Sachs (GS) and Galaxy Digital (OTCPK:BRPHF) executed an over-the-counter crypto trade.

Previously, (Feb. 24) Elwood and Bloomberg teamed up to enhance institutional crypto capabilities.