Criptocurrency merchant platform Elwood raises $500 million in funding

In a collaboration between traditional financial institutions and traditional financial institutions, Elwood Technologies LLP, the platform that was founded by billionaire Alan Howard, was founded by Bloomberg -- Goldman Sachs Group Inc. and Barclays Plc.

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The financing valued the six-year old company at over $500 million, according to a person familiar with the matter. Other investors include Dawn Capital LLP and units of Commerzbank AG and Galaxy Digital Holdings Ltd., the criptocurrency merchant bank headed by billionaire Michael Novogratz, Elwood said in a statement.

The platform is entering a new phase to provide broader mass market involvement, as stated by Chief Executive Officer James Stickland, while Elwood was founded to meet the needs of institutions seeking exposure to digital assets.

Bloomberg, the parent company of Bloomberg News, has a partnership with Elwood that connects the platform with Bloomberg's order management system.

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