Zodia Markets Eyes Acquisition OTC Crypto Trading Service
10.07.2024 14:00 1 min. read Alexander Stefanov
The crypto arm of Standard Chartered bank is reportedly finalizing talks to acquire Elwood Capital Management, a firm specializing in OTC crypto trading services.
According to Bloomberg’s recent report, insiders familiar with the negotiations expect the deal to be completed by month-end.
Elwood Capital is renowned for its OTC trading and settlement services in cryptocurrencies. If successful, the acquisition will provide Standart Chartered’s crypto arm, Zodia Markets, with licenses to operate as a virtual asset provider and investment business in Jersey, enhancing its capabilities in OTC settlements.
Established in 2021 through a partnership between Standard Chartered’s venture capital division and Hong Kong’s BC Technology Group, Zodia Markets briefly halted its crypto services earlier this year due to subdued market demand, as CEO Usman Ahmad disclosed in a June interview with Bloomberg.
Alan Howard, through his investment restructuring efforts, is focusing on Brevan Howard Digital, the digital assets arm of Brevan Howard Asset Management.
Meanwhile, Standard Chartered is exploring the launch of a Bitcoin and Ether trading desk, positioning itself to enter the cryptocurrency spot trading arena alongside other global financial institutions.
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