Elwood, with backing from Goldman Sachs, has recently received the green light from the UK FCA for its crypto-related services.
In Brief
With this new authorization, Elwood is officially recognized as a service provider by the FCA in the UK, marking a significant achievement for the company.
Goldman Sachs-backed Elwood Elwood has just made an announcement regarding its recent approval by the FCA as a service company, positioning itself as one of the pioneers in obtaining such a license for its digital platform.
FCA is a financial regulatory This regulatory body in the UK operates independently from the government and is supported by several prominent financial institutions, including Barclays, Citi, and Two Sigma.
London-based SaaS Elwood’s platform, which specializes in digital assets, has recently been approved for its execution management system related to security tokens and derivatives. Additionally, the company offers a sophisticated Portfolio Monitoring and Risk Management System designed for traditional finance, enabling institutions to effectively manage the entire lifecycle of their digital assets.
According to Elwood, its EMS allows clients to seamlessly connect with various global cryptocurrency exchanges and over-the-counter markets, simplifying the trading process. digital assets through a unified application or API.
Chris Lawn, CEO of Elwood, expressed pride in the company's achievement as one of the first digital asset technology firms authorized by the FCA. He noted a growing demand from institutional investors for a SaaS platform that complies with stringent regulatory standards similar to those in traditional finance.
Lawn also emphasized that obtaining FCA approval reflects Elwood's commitment to providing a comprehensive digital asset platform that operates within a regulated and transparent framework from the UK, a leading financial services hub.
Elwood Satisfies FCA’s Regulatory Requirements
Elwood stands out as one of the limited crypto firms to navigate the rigorous registration process set by the UK's financial regulator. The company proudly shared on LinkedIn that this approval is a landmark achievement and a testament to their capability to meet the high expectations set forth by the FCA.
Furthermore, the company highlights that its SaaS platform, which complements its EMS, has earned SOC2 and ISO 27001 certifications in information security, ensuring a strong commitment to security. analytics tools A statement from Mathew McDermott, Goldman Sachs’ global head of digital assets, remarked on this announcement as a significant step in addressing the escalating demand for institutional-grade, regulatory-compliant infrastructure in the digital asset space. He also conveyed excitement about being a vital partner of Elwood Technologies during this transition towards aligning digital asset firms with robust regulatory standards similar to those in traditional finance.
As institutional adoption of digital assets surges, numerous leading financial services companies are increasingly backing ventures within the cryptocurrency sector.
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