UK-based digital asset trading business Zodia Markets – backed by Standard Chartered – is set to acquire Elwood Technologies’ OTC business.
Usman Ahmad
Elwood provides digital asset execution and portfolio management software. Its OTC trading business is based in Jersey and regulated by Jersey Financial Services Commission.
Chris Lawn, chief executive of Elwood, said: “This sale marks an important new chapter for Elwood and strengthens our position as a leading provider of execution and portfolio management software for global institutions that trade and manage digital assets. 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.”
Following the transaction, Elwood has confirmed that it will focus on enhancing other aspects of its offering, namely an execution management system and an institutional-grade portfolio and risk management system.
Once the acquisition has been completed, the new entity will be known as Zodia Markets Jersey.
Usman Ahmad, co-founder and chief executive of Zodia Markets, asserted that the deal will work to significantly progress the diversification of its offering and overall footprint.
He added: “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.”