Zodia Markets, a digital asset trading firm backed by Standard Chartered, has acquired Elwood Technologies’ over-the-counter (OTC) trading business, Elwood Capital Management Ltd (ECML).
The sale marks Elwood’s aim to focus on its institutional-grade SaaS products, including advanced Execution Management and Portfolio & Risk Management Systems.
ECML has been a key provider of liquidity solutions to global clients, including asset managers, token foundations, and family offices.
The acquisition by Zodia Markets, which is registered with the UK’s FCA and Central Bank of Ireland and approved in principle by Abu Dhabi Global Market, enhances its regulated presence and expands its services to institutional clients worldwide.
Following the transaction, the entity will be renamed Zodia Markets Jersey Ltd.
Chris Lawn, CEO of Elwood said,
“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.”
Usman Ahmad, Co-Founder and CEO of Zodia Markets, added,
“This acquisition is a significant progression to create greater diversification in our service offering and footprint, enabling scale and accelerating product capability. Building on our exceptional growth in the first half of the year, we are well-positioned to further capitalise on the global institutional demand for digital asset solutions.
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.”
Featured image credit: Edited from Freepik
