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The crypto subsidiary of Standard Chartered, Zodia Markets, is reportedly in late-stage discussions to acquire Elwood Capital Management, a firm associated with billionaire Alan Howard, with the transaction expected to be completed by the end of the month, Bloomberg reports. 
Elwood Capital Management focuses on OTC crypto trading and settlement services for its clients. In case of the acquisition, Zodia Markets will be able to obtain licenses for it as a virtual asset provider and investment business in Jersey which will improve its OTC settlement services. 
Launched in 2021 by Standard Chartered Bank’s venture capital arm and Hong Kong-based BC Technology Group, Zodia Markets had to pause its operations earlier this year due to low demand for crypto products, according to the firm’s CEO Usman Ahmad in June. 
<a href="https://www.bloomberg.com/news/articles/2024-07-09/alan-howard-backed-crypto-firm-in-deal-talks-with-stanchart-s-zodia" target="_blank" rel="noreferrer noopener nofollow">According to Bloomberg,</a> at the same time, Alan Howard, who is associated with Brevan Howard Asset Management, sold several of his private cryptocurrencies in February to invest the proceeds in the hedge fund’s new cryptocurrency division, Brevan Howard Digital. 
Standard Chartered is reportedly exploring entry into the crypto space, with plans to launch a trading desk for Bitcoin and Ether, potentially becoming a pioneer among global banks in direct cryptocurrency spot trading. 
The possible acquisition of Elwood Capital Management is a clear signal of Standard Chartered’s increased focus on the growing crypto market, as the bank seeks to strengthen its OTC crypto services in light of the ongoing changes in the industry. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/07/03/standard-chartered-predicts-btc-to-reach-100k-by-election/" target="_blank" rel="noreferrer noopener">Standard Chartered Predicts BTC to Reach $100K by August</a> 
</blockquote>

Zodia Markets in Talks to Acquire Elwood Capital

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