Bank

April

Standard

Standard Chartered, a leading global bank is expanding its roots in the crypto space and plans to launch a Bitcoin (BTC) and Ether (ETH) trading desk to direct cryptocurrency spot trading among global banks. As a successive step to this, Zodia Markets, a crypto subsidiary of Standard Chartered reported to be in talks to acquire Elwood Capital Management, a firm associated with billionaire Alan Howard.&nbsp; 
At press time, BTC was trading at $59,096.58, after an intraday surge of 3.34% with $1,166,967,392,673 in market cap and $28,891,936,643 in 24-hour volume. ETH, alternatively, hovering at $3,119.77, a change of 1.71% in the last 24 hours with $374,809,713,701 in market cap and $14,972,989,638 in 24-hour volume.
According to the Bloomberg Crypto report, the talk is in the final stage and is anticipated to be concluded by the end of the month.&nbsp;
<img src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdLCnSmaHe_We9-X2IY3KKVNj6p1naY0URrlPk-7UzqNrXwNmn69WykONRG5Sr0Ok53dtNxS9epenW-Y3yZqA8c4C73ebs2zeLZjG-GhJ1wSgGcU0iZN_RAQ-w_nIi76qr-EVx_CUpcB56X2EGHOFJGa6s?key=f074QeKeiXlkIXlhRvXu-A" width="475" height="409">
Source: X
Elwood Capital Management offers Over-the-counter (OTC) trading and settlement services and the acquisition would aid both parties, especially in terms of enhanced OTC settlement services. OTC trading is done directly between two parties (broker and dealer), without the interference of an <a href="https://www.coingabbar.com/en/crypto-currency-news/after-binance-bitfinix-ranks-second-in-cryptorank-stats" title="exchange" class="f-link" rel="noopener noreferrer nofollow">exchange</a>.
By acquiring Elwood Capital, Zodia Markets would secure the necessary permits to operate as a digital asset provider and investment company in Jersey, strengthening its OTC settlement services.
Additionally, the crypto subsidiary of Standard Chartered has teamed up with several financial and crypto giants to support innovation initiatives in the financial sector.
<h3 id="span-span-data-font-font-size-style-font-size-16px-zodia-markets-s-partnership-with-coinmena-span-span">Zodia Markets’s Partnership with CoinMENA&nbsp;</h3>
In April 2024, Zodia Markets joined forces with CoinMENA, a cryptocurrency platform approved by the Central Bank of Bahrain, to increase the availability of funds for trading between regular currencies and cryptocurrencies.
The key motive was to enhance liquidity and reduce slippage on high-volume trades for G10 and GCC currencies against a curated selection of stablecoins and crypto assets. Moreover, combining CoinMENA's extensive network of clients across the MENA region with Zodia Markets' robust trading capabilities will help in goal attainment.&nbsp;&nbsp;
In the same manner, Zodia Markets partnered with Triple-A, a Singapore-based digital currency payment institution, indicating the firm’s efforts to improve accessibility to digital assets securely. Attainment of the goals would be beneficial for Zodia Markets as well as Standard Chartered.&nbsp;
<h4>What Next?</h4>
Standard Chartered's potential takeover of Elwood Capital Management underscores its commitment to the expanding <a href="https://www.coingabbar.com/en/crypto-currency-news/khamzat-chimaevs-crypto-smash-faces-controversy" title="cryptocurrency" class="f-link" rel="noopener noreferrer nofollow">cryptocurrency</a> sector. If executed successfully, the leading bank could emerge as a pioneer among major banks in the spot trading&nbsp;of digital currencies.
In early 2024, Zodia Markets temporarily halted its services amid a slump in demand for such offerings. However, the integration is expected to grant the necessary authorizations to operate as a digital asset service and investment entity in Jersey, which would bolster its OTC settlement capabilities.
<h4>Conclusion</h4>
Standard Chartered's acquisition of Elwood Capital Management could make it a leader in crypto trading among banks. This move, along with partnerships like CoinMENA, aims to boost crypto trade efficiency and access, setting a new standard in the financial industry.
Also Read:&nbsp;<a href="https://www.coingabbar.com/en/crypto-currency-news/zodia-custody-crypto-partnerships" title="Zodia Custody: Pioneering Partnerships in Crypto Custody" class="f-link" rel="noopener noreferrer nofollow">Zodia Custody: Pioneering Partnerships in Crypto Cust</a>

Standard Chartered & Zodia Markets: Revolutionizing Crypto Space

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