Standard Chartered's digital asset trading arm Zodia Markets has acquired the Jersey-based OTC trading business of Elwood Technologies.
The acqusition of Elwood Capital Management (ECM) is another plank in Zodia Markets' ambition to build a fully-rounded digital asset business.
Usman Ahmad, co-founder and CEO of Zodia Markets, says: "This acquisition is a significant progression to create greater diversification in our service offering and footprint, enabling scale and accelerating product capability.
"Acquiring a successful, established business with a similar regulatory-first mindset allows us to extend our offering to the clients we will welcome and provide our existing clients with a broader suite of capabilities and value."
For Elwood, the sale marks a strategic shift to focus on its institutional-grade SaaS products and services, including execution managment and portfolio and risk management.
Chris Lawn, CEO of Elwood, comments: "The sale of our OTC trading business supports Elwood's strategic plan to build a world-class end-to-end EMS and PMS software platform and allows us to fully dedicate our resources to the SaaS business. In line with our vision, Elwood has been investing heavily in our software platform and we recently completed the build-out and integration of our new PMS with advanced capabilities."
Upon completion, the acquired entity will be known as Zodia Markets Jersey Ltd. Terms of the transaction were not disclosed.