Zodia Markets Acquires Elwood’s OTC Trading Desk for Cryptocurrencies

Zodia Markets, a subsidiary of Standard Chartered’s SC Ventures, has made a significant move in the cryptocurrency trading space by acquiring Elwood Capital Management Ltd’s OTC trading desk. This divestment allows Elwood to focus on its digital assets software-as-a-service business, while Zodia Markets expands its service offering and footprint in the market.

The terms of the deal were not disclosed, but Zodia Markets recently received a funding injection of $8 million, indicating a strong financial backing for the acquisition. This move comes as Zodia Markets looks to bridge its position in the crypto market with Standard Chartered’s global settlement bank status.

Usman Ahmad, Co-Founder and CEO of Zodia Markets, expressed excitement about the acquisition, stating that it will enable the company to provide a broader suite of capabilities and value to clients. The growth of Zodia Markets and its sister firm, Zodia Custody, in the first half of the year has been impressive, with new clients coming on board.

Overall, this acquisition marks a significant step for Zodia Markets in solidifying its presence in the digital asset sector and catering to the growing institutional demand for cryptocurrency solutions. With a focus on innovation and sustained growth, Zodia Markets is positioning itself as a key player in the evolving cryptocurrency trading landscape.