According to PANews, Zodia Markets, a cryptocurrency trading company backed by Standard Chartered Bank, has announced the acquisition of Elwood Technologies' over-the-counter (OTC) division. This confirmation follows media reports that the division was up for sale and negotiations were underway. Following the transfer, Elwood, supported by billionaire Alan Howard, will focus on its trading technology software-as-a-service (SaaS) products and services.

Zodia Markets' CEO, Usman Ahmad, stated that the company's OTC business currently handles up to $60 million in daily trading volume. While he did not disclose the potential customer base Zodia might gain from this acquisition, Ahmad expects a significant increase in daily trading volume. He also declined to reveal the financial terms of the deal.