Zodia Markets, Standard Chartered’s digital assets subsidiary, is reportedly in the final stages of acquiring Elwood Capital Management from hedge fund manager Alan Howard, according to Bloomberg sources. The Jersey-based firm is a subsidiary of his Elwood Technologies digital assets venture.
Zodia Markets launched in mid 2022 as a crypto brokerage and exchange. While it shuttered that platform earlier this year, the main bank is setting up a crypto trading desk.
Instead, Zodia Markets pivoted to focus on an over the counter (OTC) FX settlement solution for cross border payments involving stablecoins. Hence, it’s bridging Zodia’s position in the crypto market and Standard Chartered’s position as a global settlement bank. It trades $50-$60 million a day.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
