Markets
Standard Chartered subsidiary seeks to buy billionaire-backed cryptocurrency firm: report
A cryptocurrency-focused subsidiary of British multinational bank Standard Chartered is reportedly interested in acquiring a digital assets firm backed by billionaire hedge fund manager Alan Howard.
Citing people with knowledge of the matter, Bloomberg relationships that institutional digital asset trading firm Zodia Markets is in talks to buy cryptocurrency over-the-counter (OTC) desk Elwood Capital Management.
Zodia Markets is backed by SC Ventures, the innovation arm of Standard Chartered, and digital assets firm OSL Group, while Elwood Capital Management is part of Elwood Technologies, the cryptocurrency startup founded by Howard in 2018 and which received funding from investors including Goldman Sachs Group and Dawn Capital in 2022.
The report states that Zodia Markets and Elwood Capital are in the final stages of negotiations and the deal is expected to be completed this month.
One of the sources said the acquisition would give Zodia Markets licenses to operate as a virtual asset services provider and investment business in Jersey, where Elwood is based. The move is also expected to help Zodia’s push to focus more on OTC settlement services.
Reports say that Standard Chartered is also launch Bitcoin (BTC) and Ethereum (ETH) in London, as the banking giant ventures into cryptocurrency trading on the spot market.
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