Zodia Markets Plans Acquisition of Elwood Capital’s OTC Unit
Standard Chartered’s crypto subsidiary Zodia Markets is reportedly in talks to acquire the over-the-counter (OTC) business of Elwood Capital.
According to a July 9 Bloomberg report, Zodia Markets is close to finalizing a deal to buy Elwood Capital’s OTC trading and settlement services, strengthening its position in the digital asset sector.
The acquisition would grant Zodia Markets additional licenses as a virtual asset service provider and investment business in Jersey, boosting its capabilities and relevant services. Individuals familiar with the matter disclosed the deal, which is expected to close this month.
Standard Chartered is deepening its involvement in digital assets with plans to establish a trading desk for Bitcoin and Ethereum.
Zodia Markets eyes stake in digital asset firm backed by billionaire Alan Howard. Talks to acquire Elwood Capital Management for OTC trading services signal Standard Chartered Bank's deeper dive into crypto. Deal expected this month pending finalization.
— KoinKamel (@KoinKamel) July 9, 2024
Elwood Capital is a division of Elwood Technologies, which was founded in 2018 by one of the co-founders of Brevan Howard Asset Management. The most recent financial records indicated that the company experienced a loss of $16.9 million for the fiscal year ending in March 2023.
In March, Zodia Markets partnered with crypto custody technology provider Fireblocks to enhance cross-border payments.
The collaboration sought to combine Zodia Markets’ digital asset execution services across multiple currencies with the Fireblocks Network, a platform designed for swift digital asset transactions, enabling clients to transfer funds efficiently.
“Cross-border payments between many jurisdictions suffer from slow
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