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Rhodilee Jean Dolor
1 week, 6 days ago

Standard Chartered Subsidiary Looking To Buy Billionaire-Backed Crypto Firm: Report

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A crypto-focused subsidiary of British multinational bank Standard Chartered is reportedly interested in acquiring a digital asset business backed by billionaire hedge fund manager Alan Howard.

Citing 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) desk Elwood Capital Management.

Zodia Markets is backed by Standard Chartered’s innovation arm SC Ventures and digital asset company OSL Group, while Elwood Capital Management is part of Elwood Technologies, the crypto startup that Howard established in 2018 and received funding from investors, including Goldman Sachs Group and Dawn Capital, in 2022.

The report says that Zodia Markets and Elwood Capital are in the final stages of the discussions and the deal is expected to be completed this month.

One of the sources says the acquisition will give Zodia Markets licenses to operate as a virtual asset service provider and investment business in Jersey, where Elwood is based. The move is also anticipated to help with Zodia’s push to focus more on OTC settlement services.

Reports say that Standard Chartered is also launching a Bitcoin (BTC) and Ethereum (ETH) trading desk in London as the banking titan ventures into spot market crypto trading.

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