Standard Chartered’s crypto subsidiary, Zodia Markets, is making waves in the digital asset sector with talks of acquiring the over-the-counter (OTC) business of Elwood Capital. This potential acquisition would strengthen Zodia Markets’ position by providing additional licenses and boosting its OTC trading and settlement services. The deal is expected to close this month, pending finalization.
Elwood Capital, a division of Elwood Technologies, founded in 2018 by a co-founder of Brevan Howard Asset Management, has experienced a recent financial loss. However, the acquisition by Zodia Markets could bring new opportunities for growth and development in the digital asset space. This move aligns with Standard Chartered’s plans to establish a trading desk for Bitcoin and Ethereum, further solidifying its presence in the crypto market.
In addition to the potential Elwood Capital acquisition, Zodia Markets has recently partnered with Fireblocks, a leading crypto custody technology provider. This collaboration aims to enhance cross-border payments by combining Zodia Markets’ digital asset execution services with the Fireblocks Network. The platform ensures swift digital asset transactions, enabling clients to transfer funds efficiently and securely.
The partnership with Fireblocks comes at a time when the digital asset industry is rapidly evolving, and the demand for seamless cross-border payments is increasing. With the integration of stablecoins, corporate entities can leverage the power of the internet for value transfer, gaining a competitive edge in the market. Zodia Markets co-founder Nick Philpott emphasized the benefits of stablecoins in facilitating cross-border transactions and enabling efficient value transfers.
Fireblocks, known for its innovative solutions in the crypto space, recently expanded its management team with key appointments to drive growth and strategic initiatives. With a strong leadership team in place, the collaboration with Zodia Markets is poised to revolutionize cross-border payments and enhance digital asset services for clients. The partnership signifies a commitment to innovation and excellence in the ever-evolving digital asset landscape.
Overall, Standard Chartered’s subsidiary, Zodia Markets, is making significant moves in the digital asset sector through potential acquisitions and strategic partnerships. With plans to expand its offerings and enhance its capabilities, Zodia Markets aims to solidify its position as a leading player in the crypto market. The acquisition of Elwood Capital’s OTC business, coupled with the partnership with Fireblocks, highlights the company’s commitment to innovation and growth in the rapidly evolving digital asset industry.
