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ARTICLE AD BOX
- The acquisition will enhance Zodia Markets’ capabilities in OTC crypto trading and settlement services.
- Zodia Markets expects to finalize the acquisition of Elwood Capital by the end of July.
Zodia Markets, a cryptocurrency subsidiary of Standard Chartered, is reportedly on the verge of acquiring Elwood Capital Management. This move signifies the growing intersection of traditional banking and the burgeoning crypto sector.
The parties have not officially confirmed the deal. Yet, the acquisition is anticipated to be finalized by the end of this month, as per a Bloomberg report. This announcement comes at a time when tax considerations for cryptocurrencies are becoming increasingly prominent.
Elwood Capital Management, backed by hedge fund magnate Alan Howard, specializes in over-the-counter crypto trading and settlement services.
The acquisition will grant Zodia Markets valuable licenses as a virtual asset provider and investment business in Jersey, enhancing its capabilities in the digital asset space. Jersey, a British Crown dependency, is known for its regulatory framework favorable to financial services.
Standard Chartered’s Crypto Expansion
Zodia Markets, initially launched in 2021 as a joint venture between Standard Chartered’s venture capital arm and Hong Kong’s BC Technology Group, had previously halted its operations due to low demand for crypto products. But Zodia continues to expand its influence in the crypto industry.
It offers custodial services through its entity, Zodia Custody. On July 9, Zodia Custody announced a partnership with Maple Finance, where Maple Finance will use Zodia Markets as a preferred custodian for its global lending operations. Standard Chartered and SBI Holdings back the custodian services sector.
Further, Standard Chartered Bank has recently launched a trading desk for spot Bitcoin (BTC) and Ethereum (ETH). Two sources have confirmed that the trading desk will be located in London.
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