As a researcher with a background in finance and experience in following the cryptocurrency market, I find this news extremely intriguing. The reported acquisition of Elwood Capital Management by Zodia Markets, Standard Chartered’s crypto subsidiary, is a significant move that underscores the bank’s increasing focus on the crypto space.
According to Bloomberg’s latest report, it seems that Zodia Markets, Standard Chartered’s crypto subsidiary, is close to finalizing a deal to acquire Elwood Capital Management. This firm is linked to billionaire Alan Howard. The acquisition is projected to be wrapped up by the month’s end.
Elwood Capital Management specializes in over-the-counter (OTC) cryptocurrency trading and settlement solutions for its customers. Should the acquisition of Zodia Markets transpire, this company would acquire licenses as a virtual asset provider and investment business in Jersey. This will enhance Zodia’s OTC settlement services.
As a financial analyst, I’ve come across the news that Zodia Markets, a crypto trading platform launched by Standard Chartered Bank’s venture capital arm and BC Technology Group in 2021, had to halt its operations this year due to insufficient demand for their crypto products. This information was disclosed by Usman Ahmad, the CEO of the company, in June.
Based on Bloomberg’s report, Alan Howard, linked to Brevan Howard Asset Management, disposed of some of his personally owned cryptocurrencies in February and utilized the obtained funds to invest in Brevan Howard Digital, the hedge fund’s newly established cryptocurrency division.
According to reports, Standard Chartered bank is considering entering the cryptocurrency market by establishing a trading desk for Bitcoin and Ether. If they go ahead with this plan, they could be among the first global banks to offer direct trading in cryptocurrencies.
Elwood Capital Management’s potential purchase by Standard Chartered indicates a heightened commitment from the bank to the expanding cryptocurrency market. This move aims to enhance Standard Chartered’s over-the-counter (OTC) crypto services, as the industry undergoes significant shifts.
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2024-07-10 08:21