Elwood Technologies is authorised by the UK Financial Markets Authority to operate as a services firm.
“Receiving FCA approval supports this demand and marks another step forward in Elwood’s mission to deliver an end-to-end digital asset platform in the UK, one of the world’s leading financial services jurisdictions, in a regulated and transparent manner,” said Elwood CEO Chris Lawn in a statement.
Elwood said the authorization is related to its execution management system for security tokens and derivatives. The platform allows its clients to connect to cryptocurrency exchanges and over-the-counter venues.
In May 2022, Goldman Sachs and Dawn Capital co-led Elwood's $5 million Series A round. Barclays, BlockFi Ventures, Chimera Ventures, CommerzVentures, Digital Money Group, Flow Traders, and Galaxy Digital Ventures participated in the Series A round.
Alan Howard, former CEO of hedge fund Brevan Howard, is a major shareholder in Elwood. Howard has been investing heavily in the cryptocurrency space since late 2020, backing dozens of startups and launching businesses. He founded BH Digital in 2021, a cryptocurrency-focused division of the hedge fund he founded.