Software-as-a-service platform Elwood Technologies has been authorised as a service company by the UK Financial Conduct Authority (FCA).
The FCA’s authorisation specifically applies to Elwood’s execution management system (EMS) in connection to security tokens and derivatives.
The firm’s EMS platform enables users to connect to global crypto exchanges and OTC venues through a single application or API, to execute digital asset trades.
Chris Lawn, chief executive of Elwood, asserted: “Institutional investors are increasingly looking for a digital asset SaaS platform that meets robust regulatory standards akin to those in traditional finance.
“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.”
In addition to its EMS, Elwood’s SaaS platform includes risk representation and analytics tools.
Elwood has received backing from global financial firms, including: Dawn Capital, Goldman Sachs, Barclays, Chimera Capital, Citi, CommerzVentures, DCG, Flow Traders, Galaxy Digital, HashKey and Two Sigma.
Read more: Goldman Sachs and Dawn Capital co-led $70 million funding round for crypto trading platform Elwood Technologies
“Today’s announcement shows Elwood’s progress in meeting the consistently increasing need for institutional grade, regulatory compliant digital asset infrastructure,” said Mathew McDermott, global head of digital assets at Goldman Sachs.
“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.”