PANews reported on July 17 that according to CoinDesk, Zodia Markets, a cryptocurrency trading company backed by Standard Chartered Bank, said it was acquiring the over-the-counter trading department of Elwood Technologies, confirming media reports that the department was being sold and that sales negotiations were underway. The company said on Monday that after transferring the business, Elwood, backed by billionaire Alan Howard, will focus on its trading technology software as a service (SaaS) products and services.

Zodia CEO Usman Ahmad said Zodia Markets’ OTC ​​business currently handles up to $60 million in trading volume per day. He did not disclose how many customers Zodia might gain from the deal, but expected “a significant increase in daily trading volume.” He also declined to disclose the financial terms of the deal.