Today Elwood Technologies confirmed a Bloomberg report last week that Zodia Markets has bought Elwood’s Jersey-regulated OTC trading desk for cryptocurrencies, Elwood Capital Management Ltd (ECML). Zodia Markets is an indirect subsidiary of Standard Chartered’s SC Ventures.
The divestment means Elwood will now focus on its existing digital assets software-as-a-service (SaaS) business, which includes an execution management system (EMS) and a portfolio and risk management system (PMS).
The companies did not share the terms of the deal. However, in May Zodia Markets Holdings received a funding injection of $8 million, according to corporate filings, following an identical funding amount in October 2023. It’s unclear whether the May funding related to the acquisition.
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