Zodia Markets acquires Elwoods digital asset OTC business for undisclosed sum - : Fintech news
Summary
Zodia Markets, a London-based digital asset trading enterprise backed by Standard Chartered, has purchased Elwood Capital Management Ltd (ECML), the digital asset over-the-counter (OTC) trading entity owned by Elwood Technologies, for an undisclosed amount. The decision to sell ECML is expected to enable the digital asset execution and portfolio management software provider to “focus on and enhance its institutional-grade Software-as-a-Service (SaaS) products and services”, according to a statement. Chris Lawn, CEO of Elwood, explains that shedding the Jersey-based OTC trading unit supports the company’s “strategic plan” to “fully dedicate our resources” to its SaaS business. The transaction will further add to Elwood’s coffers following a $70 million Series A funding round in 2022. For Zodia Markets, the deal will allow for “greater diversification in our service offering and footprint, enabling scale and accelerating product capability”, says CEO and co-founder Usman Ahmad.