Goldman Sachs-backed Elwood gets UK FCA Approval for Crypto Services
Goldman Sachs-backed Elwood has received authorization as a service company by the UK Financial Conduct Authority (FCA).
Goldman Sachs-backed Elwood today announced its authorization as a service company by the UK Financial Conduct Authority (FCA), becoming one of the first firms to secure such approval for its platform.
FCA is a financial regulatory body in the United Kingdom which operates independently of the UK Government. Moreover, it is also backed by major financial service names including Barclays, Citi and Two Sigma.
London-based SaaS platform for digital assets Elwood’s recent authorization is focused on its execution management system (EMS) concerning security tokens and derivatives. In addition to the EMS, Elwood provides a traditional finance-grade Portfolio Monitoring & Risk Management System to help institutions manage the end-to-end lifecycle of their Digital Assets.
According to the company, its EMS platform allows clients to connect with global crypto exchanges and over-the-counter (OTC) venues, streamlining the trading of digital assets through a unified application or API.
“Elwood is proud to become one of the first digital asset technology firms authorised as a service company by the FCA. Institutional investors are increasingly looking for a digital asset SaaS platform that meets robust regulatory standards akin to those in traditional finance,” said Chris Lawn, CEO of Elwood.
“Securing FCA approval supports this need and marks another step in Elwood’s mission to provide an end-to-end digital asset platform in a regulated and transparent manner from the UK, one of the world’s leading financial services jurisdictions,” he added.
Elwood Meets FCA’s Regulatory Compliances
Elwood marks one of the few crypto firms to make it through a tough registration process with the UK’s markets watchdog. “This is a major milestone for Elwood and demonstrates that the company is up to the task of meeting the robust demands set out by the FCA,” the company said in a LinkedIn post.
The company further asserts that its SaaS platform, which includes risk representation and analytics tools alongside the EMS, has been awarded SOC2 and ISO 27001 information security certifications. This ensures strong security standards.
“Today’s announcement shows Elwood’s progress in meeting the consistently increasing need for institutional grade, regulatory compliant digital asset infrastructure. We are excited to be a key stakeholder of Elwood Technologies and encouraged by the strides taken in the UK to bring digital asset companies in line with the strong regulatory expectations of the traditional finance world,” said Mathew McDermott, global head of digital assets at Goldman Sachs.
The announcement comes at a time when institutional adoption of digital assets is on the rise, with major financial services names increasingly supporting platforms in the crypto space.
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