Elwood Technologies Receives Authorization as a Service Company from UK Financial Conduct Authority
Elwood Technologies has been granted authorization to operate as a services company by the UK’s financial markets regulator. This approval signifies a significant step in Elwood’s mission to provide a regulated and transparent end-to-end digital asset platform from the UK, one of the world’s leading financial services jurisdictions. Elwood CEO Chris Lawn expressed his support for securing FCA approval, emphasizing the company’s commitment to serving its clients.
Authorization for Execution Management System
The authorization obtained by Elwood pertains to its execution management system, specifically in relation to security tokens and derivatives. Through this platform, Elwood’s clients can connect to various crypto exchanges and over-the-counter trading venues, facilitating their participation in the crypto market.
Strong Backing and Majority Shareholder
In May 2022, Elwood received a significant boost when Goldman Sachs and Dawn Capital co-led a $70 million Series A funding round. Other prominent investors included Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Currency Group, Flow Traders, and Galaxy Digital Ventures. Additionally, Alan Howard, former CEO of Brevan Howard hedge fund and an active investor in the crypto sector, is Elwood’s majority shareholder.
Alan Howard’s Influence
Alan Howard has been heavily investing in the crypto sector since late 2020. He has supported numerous startups and established BH Digital, a crypto-focused division of his hedge fund. Howard’s involvement adds credibility and expertise to Elwood Technologies’ operations.
Hot Take: Elwood Technologies Positioned for Success in Regulated Crypto Market
Elwood Technologies’ recent authorization as a service company by the UK Financial Conduct Authority is a significant achievement. This approval showcases the company’s commitment to operating in a regulated and transparent manner, ensuring the trust and confidence of its clients. With strong backing from prominent investors and the expertise of majority shareholder Alan Howard, Elwood is well-positioned to navigate the evolving landscape of the crypto market. As demand for regulated digital asset platforms continues to grow, Elwood Technologies is poised for success.
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