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