Maple

Bank

Crown

when

Standard

<ul>
 <li>The acquisition will enhance Zodia Markets’ capabilities in OTC crypto trading and settlement services.</li>
 <li>Zodia Markets expects to finalize the acquisition of Elwood Capital by the end of July.</li>
</ul>
Zodia Markets, a cryptocurrency subsidiary of <a href="https://thenewscrypto.com/standard-chartered-bank-to-launch-trading-desk-for-spot-cryptocurrency/" rel="noopener noreferrer nofollow">Standard Chartered</a>, 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.&nbsp;
Elwood Capital Management, backed by hedge fund magnate Alan Howard, specializes in over-the-counter crypto trading and settlement services.&nbsp;
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.
<h3 class="wp-block-heading" id="h-standard-chartered-s-crypto-expansion-nbsp">Standard Chartered’s Crypto Expansion&nbsp;</h3>
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 <a href="https://thenewscrypto.com/standard-chartereds-crypto-arm-zodia-custody-to-offer-staking-service/" rel="noopener noreferrer nofollow">Zodia</a> 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 <a href="https://thenewscrypto.com/standard-chartered-bank-to-launch-trading-desk-for-spot-cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">trading desk</a> for spot Bitcoin (BTC) and Ethereum (ETH). Two sources have confirmed that the trading desk will be located in London.
Highlighted Crypto News of the Day
<a href="https://thenewscrypto.com/whats-ahead-for-eth-with-spot-ethereum-etf-on-the-agenda/" target="_blank" rel="noopener noreferrer nofollow">What’s Ahead for ETH with Spot Ethereum ETF on the Agenda?</a>

Standard Chartered’s Zodia Markets Set to Acquire Elwood Capital

Indice dei contenuti

TheNewsCrypto

Altri articoli pubblicati su 10 lug 2024

Top Analyst Predicts Solana’s Significant Ascent, What ATH Will SOL Set Next?

Which US Presidential Candidate Will Bitcoin (BTC) Investors Vote for? Here are the Current Surve...

The Bitcoin Fear and Greed Index plunges to its lowest since early 2023

Bitcoin Should 'Close A Monthly Candle Above $73,000' To Invalidate Sell Signal, Says Trader

VeChain’s 2024 Struggle: Can Strategic Partnerships Outweigh Bearish Trends?

Ripple Could Be US Government’s Secret as XRP Price Stays Flat

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!