According to TechFlow, Zodia Markets, a cryptocurrency trading company backed by Standard Chartered Bank’s venture capital arm, announced the acquisition of Elwood Technologies’ over-the-counter (OTC) division, confirming media reports about the sale of the division.
Elwood Technologies will focus on its trading technology software-as-a-service (SaaS) products and services. Zodia Markets’ OTC business currently has daily trading volumes of up to $60 million, and CEO Usman Ahmad said volumes are expected to increase significantly. Financial terms of the deal were not disclosed.
Standard Chartered backs Zodia Markets and sister company Zodia Custody through SC Ventures. Usman said the deal will not overlap with Standard Chartered’s cryptocurrency trading plans.