Sunday, July 21, 2024

Standard Chartered’s crypto arm eyes buying billionaire’s crypto OTC firm: Report

Zodia Markets, the crypto subsidiary of British multinational financial institution Commonplace Chartered, is reported to be in talks to purchase Elwood Capital Administration, a crypto agency backed by billionaire hedge fund supervisor Alan Howard.


The deal between Zodia Markets and Elwood Capital — which affords over-the-counter crypto buying and selling and settlement companies — is predicted to shut earlier than the tip of this month, Bloomberg reported on July 9, citing individuals aware of the matter.

Zodia Market’s acquisition of Elwood Capital would offer the agency with licenses as a digital asset supplier and funding enterprise in Jersey — an island British crown dependency off the coast of Northern France — one particular person aware of the deal stated.

This is able to reportedly bolster Zodia’s ongoing efforts to concentrate on OTC settlement companies.

Zodia Markets is a crypto exchange launched by Commonplace Chartered in 2021, a joint venture between the financial institution’s enterprise capital subsidiary and Hong Kong’s BC Know-how Group.

It shuttered its companies earlier this 12 months on account of tepid demand for crypto merchandise, the agency’s CEO Usman Ahmad informed Bloomberg in June.

Associated: Standard Chartered expects SEC to greenlight spot Ether ETF this week


Howard, the billionaire hedge fund supervisor of Brevan Howard Asset Administration, put up a number of of his non-public holdings in crypto corporations up on the market in February, with the intention to reinvest the earnings into Brevan Howard Digital, the crypto subsidiary of the hedge fund.

Commonplace Chartered has been making efforts to develop its footprint within the crypto business. On June 21, it was reported the financial institution could also be looking to launch its own trading desk for Bitcoin (BTC) and Ether (ETH).

Supply: Richard Teng

If launched, this could see Commonplace Chartered change into one of many first world banking establishments to change into concerned within the spot buying and selling of cryptocurrencies.

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