Zodia Markets, backed by Standard Chartered, acquires Elwood Technologies' OTC trading division, enhancing its daily trading volumes and focusing on SaaS growth.
Zodia Markets, a cryptocurrency trading firm supported by Standard Chartered, is set to acquire the over-the-counter (OTC) trading division of Elwood Technologies. This strategic move aims to bolster Zodia Markets' OTC business while allowing Elwood to concentrate on its software-as-a-service (SaaS) offerings.
Key Points:
Acquisition Details:
Zodia Markets acquires Elwood Technologies' OTC trading division.
Elwood will shift focus to trading technology SaaS products and services.
Business Impact:
Zodia Markets aims to significantly increase its daily trading volumes, currently ranging from $50 million to $60 million.
The deal enhances Zodia Markets' capabilities in the institutional crypto space.
Industry Confidence:
Confidence in institutional crypto is rising, with regulated bank-backed projects expanding trading infrastructure.
Zodia Markets and Zodia Custody, both backed by Standard Chartered, are key players in this development.
Strategic Focus:
Elwood Technologies, led by crypto-friendly billionaire Alan Howard, emphasizes its role as a technology company.
The sale of the OTC business allows Elwood to dedicate resources to developing institutional-grade SaaS solutions.
Market Context:
The acquisition reflects the digital assets industry's maturation and increased competition.
Elwood's decision to sell is seen as a strategic move rather than a reaction to current market conditions.
Zodia Markets' acquisition of Elwood Technologies' OTC trading division marks a significant step in strengthening its trading capabilities. This move not only boosts Zodia's daily volumes but also aligns with Elwood's strategic focus on providing top-tier SaaS solutions, showcasing the evolving landscape of the digital assets industry.
Source: Coindesk
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