Markets
Elwood sells OTC cryptocurrency arm to Standard Chartered-backed Zodia Markets
Institutional cryptocurrency trading firm Zodia Markets has officially confirmed the acquisition of the OTC branch of Alan Howard-backed Elwood.
Cryptocurrency trading firm Zodia Markets has confirmed the acquisition of Elwood Technologies’ (No prescription) cryptocurrency arm, known as Elwood Capital, backed by Alan Howard.
In a blog announcement, the Chartered Standard– The backed company said the acquisition includes an execution management system (EMS) with tools to access liquidity, as well as a portfolio and risk management system (PMS). Commenting on the sale, Elwood chief executive Chris Lawn said the deal marks an “important new chapter for Elwood” as it “strengthens” the company’s position in the market.
“The sale of our OTC trading business supports Elwood’s strategic plan to build a world-class, end-to-end EMS and PMS software platform and allows us to fully dedicate our resources to the SaaS business.” Chris Lawn
While financial details were not disclosed, the combined entity will operate under the name Zodia Markets Jersey, according to the announcement. The acquisition follows recent reports speculating about the deal, positioning Zodia Markets to leverage Elwood’s licenses for virtual asset service provider services and investment businesses in Jersey.
Founded in 2018 with early backing from Alan Howard, Elwood Technologies has raised $70 million from investors including Goldman Sachs and Dawn Capital. As crypto.news reported Previously, Elwood witnessed a fiscal loss of US$16.9 million ending in March 2023, which prompted a strategic shift towards portfolio and risk management services at the expense of trading, culminating in the decision to sell part of its business effective the end of May.