Goldman Sachs-Backed Elwood Clears Regulatory Hurdle with FCA Approval

Sahana Kiran
Goldman sachs
Source – Evening Standard

Elwood Technologies LLP, a prominent software-as-a-service platform supported by major financial entities, including Goldman Sachs, has achieved a significant milestone with authorization as a service company from the UK Financial Conduct Authority (FCA). This approval encompasses Elwood’s execution management system (EMS), specifically tailored for security tokens and derivatives, consolidating the company’s standing as a provider of institutional-grade access to digital asset exchanges and liquidity venues.

FCA Approval and Adherence to Regulatory Standards

The FCA’s approval establishes Elwood as one of the trailblazing digital asset technology firms authorized as a service company. This acknowledgment underscores Elwood’s dedication to meeting stringent regulatory standards akin to those prevalent in traditional finance. It further addresses the escalating demand from institutional investors for a compliant software-as-a-service (SaaS) platform for digital assets. Chris Lawn, Elwood’s CEO, highlighted the significance of FCA approval for meeting institutional requirements. He noted Elwood’s advancing mission to deliver an end-to-end digital asset platform in a regulated and transparent manner.

Elwood’s SaaS platform, inclusive of risk representation, analytics tools, and the EMS, has already received certifications for SOC2 and ISO 27001 information security. This platform enables clients to effortlessly connect to global cryptocurrency exchanges and over-the-counter (OTC) venues through a unified application or API, streamlining the trading of digital assets.

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Support from Key Backers and Financial Institutions

Elwood’s journey is distinguished by support from major global financial institutions. This includes Dawn Capital, Barclays, Chimera Capital, Citi, CommerzVentures, DCG, Flow Traders, Galaxy Digital, HashKey, Two Sigma, and notably, Goldman Sachs. This backing from prominent institutions underscores the confidence in Elwood’s capabilities. It also emphasizes the growing significance of regulatory-compliant digital asset infrastructure.

Recognition in the Industry and Prospects for Growth

Josh Bell, Elwood Board member and General Partner at Dawn Capital emphasizes Elwood’s leadership in the market and its potential to serve major institutional investors over the long term. Endorsements from industry leaders, such as Mathew McDermott, Global Head of Digital Assets at Goldman Sachs, further note Elwood’s strides in meeting the increasing demand for institutional-grade, regulatory-compliant digital asset solutions.

Furthermore, the FCA’s approval stands as a pivotal moment for Elwood. It reinforces its commitment to regulatory compliance and provides a regulated, transparent platform for institutional investors. As Elwood continues its growth trajectory, supported by the backing of influential financial institutions like Goldman Sachs, it remains well-positioned to play a crucial role in shaping the future of digital asset infrastructure within the traditional finance landscape.

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