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Standard Chartered’s Zodia Markets Plans to Acquire Alan Howard-Backed Cryptocurrency Firm: Report
Zodia Markets, the cryptocurrency subsidiary of Standard Chartered, is in talks to acquire Elwood Capital Management, a cryptocurrency firm backed by billionaire hedge funder Alan Howard, Bloomberg reported, citing “people familiar with the matter.”
While the deal has not yet been officially confirmed, it is expected to close before the end of this month. However, the financials and other details of the deal remain unknown.
An OTC crypto service provider
Elwood Capital offers over-the-counter cryptocurrency trading and settlement services. It operates under licenses as a virtual asset provider and investment business based on the island of Jersey, an offshore territory of Great Britain.
The acquisition deal appears strategic as it would provide Zodia Markets with access to new licenses and opening of new markets. Zodia Markets can also expand its services to OTC regulations.
Zodia Markets is the cryptocurrency exchange arm founded in 2021 by British multinational Standard Chartered as a joint venture between its venture capital subsidiary and Hong Kong-based BC Technology Group. However, the services were shut down earlier this year due to struggling demand for cryptocurrency products.
Last year, Zodia Markets closed its Series A funding round, raising $36 millionHe also received Virtual Asset Service Provider Registration in Ireland last year, the cryptocurrency’s registration by the UK’s Financial Conduct Authority in July 2022 and in-principle approval by Abu Dhabi Global Markets in September 2023.
Standard Chartered’s Growing Presence in the Cryptocurrency Industry
In particular, Zodia Custody is an unrelated entity that provides cryptocurrency custody services and is jointly owned by Standard Certificate AuthoritySBI Holdings, Northern Trust and National Australia Bank. Interestingly, Standard Chartered is also reportedly looking to launch a dedicated Bitcoin trading desk, which, if it comes to fruition, would make it one of the first financial institutions to get directly involved in spot cryptocurrency trading.
Meanwhile, Alan Howard’s hedge fund Brevan Howard Asset Management is also focused on cryptocurrencies, having sold several private holdings in February with the intention of reinvesting the profits into its cryptocurrency-focused subsidiary, Brevan Howard Digital.
Zodia Markets, the cryptocurrency subsidiary of Standard Chartered, is in talks to acquire Elwood Capital Management, a cryptocurrency firm backed by billionaire hedge funder Alan Howard, Bloomberg reported, citing “people familiar with the matter.”
While the deal has not yet been officially confirmed, it is expected to close before the end of this month. However, the financials and other details of the deal remain unknown.
An OTC crypto service provider
Elwood Capital offers over-the-counter cryptocurrency trading and settlement services. It operates under licenses as a virtual asset provider and investment business based on the island of Jersey, an offshore territory of Great Britain.
The acquisition deal appears strategic as it would provide Zodia Markets with access to new licenses and opening of new markets. Zodia Markets can also expand its services to OTC regulations.
Zodia Markets is the cryptocurrency exchange arm founded in 2021 by British multinational Standard Chartered as a joint venture between its venture capital subsidiary and Hong Kong-based BC Technology Group. However, the services were shut down earlier this year due to struggling demand for cryptocurrency products.
Last year, Zodia Markets closed its Series A funding round, raising $36 millionHe also received Virtual Asset Service Provider Registration in Ireland last year, the cryptocurrency’s registration by the UK’s Financial Conduct Authority in July 2022 and in-principle approval by Abu Dhabi Global Markets in September 2023.
Standard Chartered’s Growing Presence in the Cryptocurrency Industry
In particular, Zodia Custody is an unrelated entity that provides cryptocurrency custody services and is jointly owned by Standard Certificate AuthoritySBI Holdings, Northern Trust and National Australia Bank. Interestingly, Standard Chartered is also reportedly looking to launch a dedicated Bitcoin trading desk, which, if it comes to fruition, would make it one of the first financial institutions to get directly involved in spot cryptocurrency trading.
Meanwhile, Alan Howard’s hedge fund Brevan Howard Asset Management is also focused on cryptocurrencies, having sold several private holdings in February with the intention of reinvesting the profits into its cryptocurrency-focused subsidiary, Brevan Howard Digital.