Zodia Markets Acquires Elwood’s OTC Trading Division
Zodia Markets, a cryptocurrency trading firm backed by Standard Chartered’s venture arm, has acquired the over-the-counter (OTC) trading division of Elwood Technologies. This move is a significant step for Zodia Markets as it seeks to increase its market share in the institutional crypto space.
Zodia Markets’ Growth Strategy
Zodia Markets’ OTC business currently handles up to $60 million in daily trading volume. The acquisition of Elwood’s OTC division is expected to significantly increase this volume. This deal is also seen as a sign of the growing confidence in the institutional crypto space, with regulated bank-backed projects and qualified custodians building out a base of trading infrastructure.
Elwood’s Focus on SaaS
Elwood Technologies, founded by crypto-friendly billionaire Alan Howard, will now focus on its trading technology software-as-a-service (SaaS) products and services. This strategic shift reflects the maturing digital assets industry and the increasing demand for institutional-grade SaaS solutions.
Standard Chartered’s Crypto Ambitions
Standard Chartered, which is a backer of both Zodia Markets and Zodia Custody, has recently been reported to be entering the crypto spot trading space. This acquisition is not seen as overlapping with Standard Chartered’s crypto ambitions, and is instead viewed as a way for Zodia Markets to accelerate its growth.
This acquisition is a significant development in the institutional crypto space. It showcases the growing interest in cryptocurrency trading by traditional financial institutions and the increasing demand for sophisticated trading technology solutions.
