Summary
Elwood Technologies has received authorization from the UK’s financial markets regulator, the Financial Conduct Authority (FCA), to operate as a services company. The authorization is related to Elwood’s execution management system for security tokens and derivatives, allowing clients to connect to crypto exchanges and trading venues. The approval is seen as a step towards Elwood’s goal of providing a regulated and transparent digital asset platform from the UK. Elwood recently secured a $70 million Series A funding round led by Goldman Sachs and Dawn Capital, with participation from other investors including Barclays and Galaxy Digital Ventures. Elwood’s majority shareholder is Alan Howard, former CEO of Brevan Howard hedge fund, who has been heavily investing in the crypto sector.
Key Points
1. Elwood Technologies has received authorization from the UK’s financial markets regulator to operate as a services company. This approval marks a significant step in Elwood’s mission to provide a regulated and transparent digital asset platform from the UK, a leading financial services jurisdiction.
2. The authorization granted to Elwood is specifically related to its execution management system for security tokens and derivatives. This platform allows clients to connect to crypto exchanges and over-the-counter trading venues.
3. Elwood’s majority shareholder is Alan Howard, the former CEO of hedge fund Brevan Howard. Howard has been actively investing in the crypto sector since late 2020 and has backed numerous startups. In 2021, he launched BH Digital, a crypto-focused division of his hedge fund.