TechFlow reports that Zodia Markets, a cryptocurrency trading firm backed by Standard Chartered's venture arm, has announced the acquisition of Elwood Technologies' over-the-counter (OTC) trading business, confirming media reports about the sale of the unit.
Elwood Technologies will now focus exclusively on its trading technology software-as-a-service (SaaS) offerings. Zodia Markets' OTC business currently handles up to $60 million in daily trading volume, and CEO Usman Ahmad expects this volume to grow significantly. Financial terms of the deal were not disclosed.
Standard Chartered supports Zodia Markets and its sister company Zodia Custody through SC Ventures. Usman stated that this transaction does not overlap with Standard Chartered's cryptocurrency trading initiatives.
