COINHOT – British banking giants Goldman Sachs and Barclays have joined a Series A funding round worth USD 70 million or around IDR 1.02 trillion (assuming an exchange rate of IDR 14,717 per US dollar) for institutional crypto trading platform, Elwood Technologies.
The platform was founded by British billionaire hedge fund manager Alan Howard. Despite the recent downturn in the crypto market, Elwood said it is betting traditional financial institutions such as hedge funds and banks will still be interested in investing in cryptocurrencies.
Elwood’s funding round was approved and executed prior to the latest price drop which has seen around 15 percent and wiped out the total crypto market cap since May 9 according to CoinMarketCap.
Elwood Technologies CEO James Stickland said the fundraiser was another validation of the crypto’s longevity prospects.
“We get investments from financial institutions that don’t expect big profits in 15 minutes. They are investing in infrastructure, I think this is a reassuring message,” said James, quoted from Cointelegraph, Monday (16/4/2022).
Elwood Technologies provides a crypto portfolio management system with crypto market information and trading infrastructure for institutional investors featuring interfaces that connect to crypto exchanges, liquidity providers, and custodians.
Goldman Sachs head of global digital assets Mathew McDermott said the investment shows that the company has an ongoing commitment to cryptocurrencies. he noted the demand for cryptocurrencies from institutions is increasing and the company has been actively expanding its market capabilities to meet that demand.
“As institutional demand for cryptocurrencies increases, we have been actively expanding our market presence and capabilities to meet client demands,” he said.
Funding from Goldman Sachs marks the bank’s further expansion into crypto assets. Elwood Technologies will remain majority owned by Alan Howard, who was the main investor prior to the Series A round.
Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for profits and losses arising from investment decisions.
* Fact or Hoax? To find out the truth of the information circulating, please WhatsApp to the Liputan6.com Fact Check number 0811 9787 670 just by typing the desired keyword.
Previously, the price of bitcoin and other top-tier cryptocurrencies largely returned to the green on Monday morning, May 16, 2022. In Monday morning trading, cardano and solana led the gains among other top cryptocurrencies.
Based on data from Coinmarketcap early Monday, the cryptocurrency with the largest market cap bitcoin (BTC) was up 3.84 percent in the last 24 hours. However, during the week, the price of bitcoin still weakened 8.23 percent.
Currently, the price of bitcoin is traded at USD 31,224.34 or around IDR 456.18 million (assuming an exchange rate of IDR 14,610 per US dollar).
The strengthening of the price of bitcoin was followed by the price of ethereum (ETH). The price of ethereum jumped 4.4 percent in the last 24 hours. However, in a week, the price of ethereum slumped 14.57 percent. The price of ethereum is now in the position of USD 2,146.60 or around Rp. 31.36 million.
Likewise, the price of BNB is in the green zone. BNB prices increased 4.82 percent over the last 24 hours. During the week, the price of BNB shrank 12.21 percent. Now the price of BNB is at USD 312.01.
The price of XRP is up 4.61 percent in the last 24 hours. However, the price of XRP fell 21.03 percent in a week. Currently, the price of XRP is at USD 0.4476.
Cardano prices have soared 10.84 percent over the past 24 hours. In a week, the price of cardano slumped 19.34 percent. Now the price of cardano is in the position of USD 0.5945.
In addition, the price of solana shot up 11.66 percent in the last 24 hours. During the week, the price of solana slipped 22.41 percent. The price of solana is traded at USD 58.44.
Meanwhile, the price of dogecoin rose 3.38 percent over the past 24 hours. Dogecoin price shrank 25.48 percent in a week. Currently, the price of Dogecoin is trading at USD 0.09254.
Stablecoins such as tether edged up 0.02 percent in the last 24 hours. During the week, tether prices fell 0.10 percent. Now the price of tether is traded at USD 0.9989.
Additionally, the price of USD Coin (USDC) is down a limited 0.05 percent over the past 24 hours. In a week, the price of USD Coin rose 0.06 percent. Currently the price of USDC is in the position of USD 1.00.
Binance USD (BUSD) prices have weakened a limited 0.06 percent in the last 24 hours. In the week, the Binance USD price was up 0.11 percent. Binance USD price is currently trading USD 1.00.
Earlier, bitcoin briefly fell below $26,000 on Thursday for the first time in 16 months, amid a broader sell-off in the cryptocurrency that wiped more than $200 billion (Rp 2,927 trillion) from the entire market in one day. .
Reporting from CNBC, Friday, May 13, 2022, Bitcoin price fell as low as USD 25,401.29 on Thursday, according to Coin Metrics. It marked the first time the cryptocurrency has sunk below the USD 27,000 level since December 26, 2020.
Bitcoin has since pared its losses and was last trading at USD 28,569.25, down 2.9 percent. However, on Friday (5/13/2022) Bitcoin rebounded and traded in the USD 30,000 range.
Investors are fleeing crypto at a time when the stock market has fallen from the height of the coronavirus pandemic on concerns over soaring prices and a deteriorating economic outlook.
US inflation data released Wednesday showed prices of goods and services jumped 8.3 percent in April, higher than analysts had expected and near their highest level in 40 years.
Another thing weighing on traders’ minds was the fallout of the embattled stablecoin Terra protocol. Terra USD, or UST, was supposed to reflect the dollar’s value. However, it plummeted to less than 30 cents, shaking investors’ confidence in the so-called decentralized finance space.
The fallout from Terra’s collapse caused fears of market contagion. Economists have long feared stablecoins may not have the amount of reserves needed to increase their dollar peg in the event of a mass withdrawal.