According to ChainCatcher, Zodia Markets, a cryptocurrency trading company backed by Standard Chartered Bank’s venture capital arm, said it is acquiring the OTC business of Elwood Technologies. Financial terms have not been disclosed.
Elwood said on Monday that following the sale of that business, the company will focus on its trading technology software-as-a-service (SaaS) products and services.
Zodia Markets CEO Usman Ahmad said the company’s OTC business currently handles up to $60 million in trading volume per day. He did not provide details on how much customer trading volume the deal might bring to Zodia, but said by email that the company expects “a significant increase in daily trading volumes.”
Earlier news, Zodia Markets is in talks to acquire a portion of the shares of Elwood Technologies to obtain its OTC business. It is reported that Elwood Technologies is a digital asset company supported by billionaire hedge fund manager Alan Howard.