Institutional crypto trading firm Zodia Markets, backed by Standard Chartered, has acquired Elwood Technologies’ OTC branch, Elwood Capital, supported by Alan Howard. The acquisition, announced in a blog post, includes an execution management system (EMS) and a portfolio & risk management system (PMS).
Elwood chief executive Chris Lawn highlighted that the sale strengthens Elwood’s market position, aligning with its strategic plan to focus on SaaS business. This significant move allows Elwood to dedicate resources to building a top-tier EMS and PMS platform.
While financial details were undisclosed, the combined entity will operate as Zodia Markets Jersey. This acquisition allows Zodia Markets to leverage Elwood’s licenses for virtual asset services and investment businesses in Jersey, enhancing its market capabilities.
Founded in 2018 with backing from Alan Howard, Elwood Technologies faced a fiscal year loss of $16.9 million ending March 2023, prompting a strategic pivot. The sale of its OTC branch marks a crucial step in this new direction.
The strategic importance of this acquisition lies in Zodia Markets’ elevated position in the crypto trading market, bolstered by Elwood’s advanced technology and licenses.
