Standard Chartered Bank's Zodia Markets intends to acquire crypto trading settlement company Elwood Capital

This site (120BTC.coM): Zodia Markets, the crypto trading arm of Standard Chartered Bank, is negotiating with Elwood Capital, a digital asset trading and settlement services company for institutions, on the acquisition of part of the equity:

Relevant negotiations are expected to be held in Completed this month, the move will allow Zodia Markets to indirectly obtain a virtual asset service provider license (VASP) from the British Isles of Jersey (JFSC) and provide a more complete cryptocurrency OTC trading business.

It is reported that Elwood Capital was founded in 2018 by Brevan Howard, a macro hedge fund with over US$20 billion in assets under management, and its co-founder Alan Howard.

What are Zodia Markets?

Zodia Markets, a subsidiary of Standard Chartered Bank, focuses on digital asset trading and settlement services. It was co-founded in 2021 by its venture capital arm SC Ventures and Hong Kong's BC Technology.

What is Elwood Capital?

Elwood Capital, as part of Elwood Technologies, was founded in 2018 by Brevan Howard, a macro hedge fund with over US$20 billion in assets under management, and its co-founder Alan Howard.

Previously, the company raised US$70 million in a financing co-led by Goldman Sachs and venture capital fund Dawn Capital in 2022.

However, according to its latest financial statements quoted by Bloomberg, the company’s loss for the fiscal year ending in March 2023 was US$16.9 million.

Standard Chartered is actively expanding its crypto business

Just last month, Standard Chartered Bank claimed that it would establish a spot trading platform for Bitcoin and Ethereum due to the relevant needs of institutional investors:

We have been working closely with regulatory agencies, Support customers across the broader digital asset ecosystem, from custody, to tokenization, to operability.

In November last year, SC Ventures, the venture capital arm of Standard Chartered, also launched Libeara, a tokenized bond trading platform, aiming to enable fund managers, governments and issuers to put real-world assets (RWA) on the chain or issue regulated security Tokens:

First, we will focus on the tokenization of the Singapore Government Bond Fund.

(RWA|Standard Chartered Bank launches digital platform Libeara to assist in the tokenization of Singapore bond funds)

Yesterday, its crypto custody company Zodia Custody also reached a cooperation with the lending agreement Maple Finance to provide custody services for its pledged collateral. .

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