Standard Chartered’s crypto arm Zodia Markets is in discussions to acquire part of Elwood Technologies’ crypto OTC business, Elwood Capital. The deal, expected to finalize by August, aims to expand Zodia’s OTC settlement services.
Elwood Technologies, founded in 2018 by Alan Howard, has raised $70 million from investors like Goldman Sachs. Despite reporting a $16.9 million loss for the fiscal year ending March 2023, Elwood is shifting focus to portfolio and risk management services. This acquisition would provide Zodia with licenses for virtual asset services and investment businesses in Jersey.
Additionally, Zodia offers custodian services through Zodia Custody, which recently secured funding from NAB Ventures to expand in Australia. This strategic move underscores Zodia’s commitment to broadening its digital asset services amid evolving regulatory landscapes.
