CDS Crypto News Standard Chartered’s Crypto Division Considers Acquiring Billionaire’s OTC Crypto Firm
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Standard Chartered’s Crypto Division Considers Acquiring Billionaire’s OTC Crypto Firm

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Standard Chartered’s Crypto Division Considers Acquiring Billionaire's OTC Crypto Firm

Standard Chartered’s Crypto Arm in Talks to Acquire Elwood Capital Management

Standard CharteredZodia Markets, the crypto subsidiary of British multinational bank Standard Chartered, is reportedly in discussions to acquire Elwood Capital Management, a crypto firm backed by billionaire hedge fund manager Alan Howard.

According to sources familiar with the matter, the deal between Zodia Markets and Elwood Capital—which specializes in over-the-counter (OTC) crypto trading and settlement services—is expected to close by the end of this month. This information was reported by Bloomberg on July 9.

The acquisition of Elwood Capital would provide Zodia Markets with licenses as a virtual asset provider and investment business in Jersey, a British Crown dependency off the coast of Northern France. This move is anticipated to bolster Zodia’s efforts to focus on OTC settlement services.

Zodia Markets, launched by Standard Chartered in 2021, is a joint venture between the bank’s venture capital subsidiary and Hong Kong’s BC Technology Group. This acquisition is seen as a strategic step to enhance its service offerings in the rapidly evolving crypto market.

Standard Chartered’s Strategic Expansion in the Crypto Industry

Howard, the billionaire hedge fund manager of Brevan Howard Asset Management, put several of his private holdings in crypto companies up for sale in February. He intends to reinvest the earnings into Brevan Howard Digital, the hedge fund’s crypto subsidiary.

Standard Chartered’s Crypto Division Considers Acquiring Billionaire's OTC Crypto Firm
Standard Chartered’s Crypto Division Considers Acquiring Billionaire's OTC Crypto Firm 1

Standard Chartered has been making efforts to expand its footprint in the crypto industry. On June 21, it was reported that the bank may be looking to launch its own trading desk for Bitcoin (BTC) and Ether (ETH). If launched, this would make Standard Chartered one of the first global banking institutions to become involved in the spot trading of cryptocurrencies.

This strategic move aligns with the bank’s broader efforts to establish a significant presence in the rapidly evolving crypto market.

FAQs

What is the name of Standard Chartered’s crypto division?

The crypto division of Standard Chartered is called Zodia Markets.

Who is the billionaire involved in this potential acquisition?

The billionaire involved is Alan Howard, a hedge fund manager of Brevan Howard Asset Management.

For the latest in crypto updates, keep tabs on Crypto Data Space.

Standard Chartered’s Crypto Division Considers Acquiring Billionaire's OTC Crypto Firm

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