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.
At the 2024 Solana Breakpoint conference, Jupiter Exchange announced its acquisition of SolanaFM and Coinhall, enhancing its data and infrastructure capabilities.
In the next five years, government prosecutors and tax agencies are expected to utilize artificial intelligence to analyze blockchain data for crime detection, according to Chainalysis CEO Michael Gronager.
U.S. Congressman Warren Davidson has vocally criticized SEC Chair Gary Gensler, accusing the SEC of deliberately hindering Bitcoin ownership.
A U.S. district court has dismissed a lawsuit filed by Consensys Software Inc. against the Securities and Exchange Commission (SEC).