{"id":20667,"date":"2024-07-11T11:07:24","date_gmt":"2024-07-11T11:07:24","guid":{"rendered":"https:\/\/buycrypt.com\/blog\/?p=20667"},"modified":"2026-07-14T15:51:26","modified_gmt":"2026-07-14T15:51:26","slug":"big-bank-crypto-move-standard-chartered-subsidiary-seeks-to-expand-otc-services","status":"publish","type":"post","link":"https:\/\/buycrypt.com\/blog\/en\/big-bank-crypto-move-standard-chartered-subsidiary-seeks-to-expand-otc-services\/","title":{"rendered":"Big Bank Crypto Move: Standard Chartered Subsidiary Seeks to Expand OTC Services"},"content":{"rendered":"

Standard Chartered crypto subsidiary is reportedly in talks to acquire part of a crypto asset business backed by a billionaire hedge fund manager.<\/strong><\/em><\/p>\n

The investment bank\u2019s crypto division, Zodia Markets Ltd., is discussing acquiring part of Elwood Capital Management Ltd.<\/p>\n

The firm is backed by billionaire hedge fund manager Alan Howard, and the deal is expected to be completed this month, according to a July 9 Bloomberg report citing people familiar with the matter.<\/p>\n

Elwood Capital offers over-the-counter (OTC) crypto trading and settlement services.<\/p>\n

Big Bank Crypto Acquisitions<\/h2>\n

The move would be strategic for Zodia Markets, as it would give it licenses as a virtual asset service provider and investment business in Jersey and support a shift towards OTC settlement services.<\/p>\n

In June, CryptoPotato reported that Standard Chartered was preparing to launch a BTC and ETH trading desk based in London.<\/p>\n

Elwood Capital is part of Elwood Technologies, which was established by Alan Howard in 2018. It raised $70 million from investors, including Goldman Sachs Group.<\/p>\n

The billionaire hedge fund manager invested in crypto companies up for sale in January, with plans of reinvesting any proceeds into his firm, Brevan Howard Digital.<\/p>\n

Zodia Markets was launched by Standard Chartered in 2021 as a joint venture between its venture capital arm and Hong Kong\u2019s BC Technology Group.<\/p>\n

Zodia\u2019s crypto exchange launched in mid-2022 as the industry was entering a bear market and shuttered its services in early 2024, with CEO Usman Ahmad citing a lack of demand.<\/p>\n

The firm\u2019s primary focus now is to \u201cuse its relationship with Standard Chartered to offer high-speed, wholesale cross-border settlement services between fiat currencies and stablecoins,\u201d he told Bloomberg.<\/p>\n

OTC settlement operations now handle $50 to $60 million in daily trading volumes, he added.<\/p>\n

SC Bullish on Crypto<\/h2>\n

Standard Chartered said that cryptocurrencies, especially stablecoins, were a permanent part of the future of finance, in a blog post earlier this year.<\/p>\n

\u201cStandard Chartered sees digital assets as an important and permanent part of the future of financial services and recognizes the potential of stablecoins.\u201d<\/em><\/p>\n

In April, analyst and head of digital assets research at the bank, Geoff Kendrick, said that Bitcoin would trend higher during 2024, potentially reaching its predicted price of $150,000.<\/p>\n

However, the asset has been down-trending since its all-time high in March, having corrected 26% from that level last week.<\/p>\n

Source: www.cryptopotato.com<\/p>\n

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