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Zodia Markets Acquires Elwood’s Crypto OTC Business in New Jersey

Zodia Markets Acquires Elwood’s Crypto OTC Business in New Jersey

DailyCoinDailyCoin2024/07/17 14:04
By:DailyCoin
  • Zodia Markets has acquired a new crypto business.
  • The acquisition was closed in a “landmark” deal.
  • The newly acquired crypto business is regulated in New Jersey.

Zodia Markets announced Wednesday that it acquired Elwood Capital Management Ltd (ECML) in a “landmark” deal.

ECML is Elwood’s crypto OTC business based out of New Jersey and regulated by the Jersey Financial Services Commission. The trading division is known for providing liquidity solutions to various global clients, including asset managers, token foundations, and digital asset businesses.

Zodia Custody Buys ECML

According to a press release dated July 17, Zodia Markets has agreed to buy Elwood’s trading service and rebrand it as Zodia Markets Jersey Ltd.

Sponsored

Elwood CEO Chris Lawn noted that the sale ushered in a new chapter for the company and strengthened its position as a software partner for global institutions that trade and manage digital assets.

With the OTC business out of the way, the company intends to focus resources on its trading technology software-as-a-service (SaaS) products and services, including a Portfolio Risk Management System (PMS) and an Execution Management System (EMS).

“We are confident that our strategic partner Zodia Markets will continue to provide exceptional service to OTC clients and we will be working closely with them to ensure a smooth transition,” Laws stated.

Commenting on the development, Zodia Markets CEO Usman Ahmad said that acquiring Elwood’s crypto business was a “significant progression” to create greater diversification of the company’s service offering and footprint.

Sponsored

“Acquiring a successful, established business with a similar regulatory-first mindset allows us to extend our offering to the clients we will welcome and provide our existing clients with a broader suite of capabilities and value.”

Zodia Markets and its sister operation, Zodia Custody, are backed by banking giant Standard Chartered. The bank was reported recently to be venturing into the crypto arena with a Bitcoin and Ether trading desk .

Read about Zodia Custody’s latest business partnership:
Maple Finance Bolsters Crypto Lending with Zodia Custody Tie-Up

Stay updated on Zodia Custody’s initiative in Hong Kong:
Standard Chartered’s Zodia Boosts APAC Reach with Hong Kong

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