Zodia Markets Acquires Elwood Capital: Standard Chartered Enters Crypto Space

IconCryptoNewsTerminal Staff09 Jul, 2024

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Zodia Markets Acquires Elwood Capital: Standard Chartered Enters Crypto Space

Standard Chartered’s Zodia Markets is set to acquire Elwood Capital Management, a Bloomberg report reveals. The deal is expected to be finalized by July and will give Zodia access to Elwood’s Jersey-based crypto asset servicing license. This move marks a significant push into the crypto market for Standard Chartered, which announced in June that it would soon launch bitcoin and ether trading desks. Elwood Capital, backed by billionaire hedge fund manager Alan Howard, has a strong reputation in the crypto industry. The acquisition will provide Zodia Markets with valuable expertise and resources as it expands its presence in the digital asset space. The deal is a clear indication of the growing interest in cryptocurrencies from traditional financial institutions. As the regulatory landscape becomes more favorable and the technology matures, we can expect to see more institutions entering the crypto market.

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