Elwood Secures FCA Authorization as a Service Company, Paving the Way for Institutional Crypto Trading
Elwood, a fintech company backed by hedge fund manager Alan Howard, has achieved a significant milestone by obtaining authorization as a service company from the UK Financial Conduct Authority (FCA). This regulatory approval positions Elwood as one of the pioneering digital asset technology providers to meet the stringent standards set by the FCA, allowing it to operate as a service company for security tokens and derivatives. This recognition underscores the increasing demand for institutional-grade digital asset solutions in the financial industry.
The FCA approval covers Elwood’s Execution Management System (EMS), a crucial component of its Software-as-a-Service (SaaS) platform. This EMS enables clients to seamlessly connect to global cryptocurrency exchanges and over-the-counter (OTC) venues through a unified application or API, streamlining the process of trading digital assets. Elwood’s commitment to regulatory compliance aligns with the evolving needs of institutional investors seeking secure and transparent digital asset platforms.
Elwood CEO Chris Lawn emphasizes the significance of this achievement in meeting the robust regulatory standards expected in traditional finance. The FCA approval marks a pivotal step in Elwood’s mission to deliver an end-to-end digital asset platform in a regulated and transparent manner, particularly from the UK, recognized as a global financial services hub.
Elwood’s journey is fortified by support from leading global financial firms, including Dawn Capital, Goldman Sachs, Barclays, Chimera Capital, Citi, CommerzVentures, DCG, Flow Traders, Galaxy Digital, HashKey, and Two Sigma. This backing signifies industry confidence in Elwood’s ability to provide cutting-edge solutions for institutional investors.
Elwood’s achievement is lauded by industry experts, with Josh Bell, Elwood Board member and General Partner at Dawn Capital, highlighting its market-leading position. The FCA authorization reaffirms Elwood’s commitment to delivering for major institutional investors, reflecting a growing demand for regulated and compliant platforms that aggregate prices, route orders, and offer broad access to liquidity.