Elwood Technologies has announced the sale of its Over-The-Counter (OTC) trading business, Elwood Capital Management Ltd (ECML), to Zodia Markets.
ECML, based in Jersey, United States, and regulated by the Jersey Financial Services Commission, has been a key player in providing liquidity solutions to a diverse global clientele, including asset managers, token foundations, family offices, and prominent digital asset businesses.
Following the acquisition, ECML will be rebranded as Zodia Markets Jersey Ltd, expanding Zodia Markets’ regulated presence alongside its existing FCA and Central Bank of Ireland registered entities.
Chris Lawn, CEO of Elwood, emphasized the strategic importance of this sale, describing it as a milestone that allows the company to focus entirely on advancing its SaaS platform. Elwood’s core products now centre around an Execution Management System (EMS) for liquidity access and a Portfolio & Risk Management System (PMS) offering sophisticated portfolio management capabilities.
“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,”
Lawn stated.
He expressed confidence in Zodia Markets’ ability to maintain high service standards for OTC clients and assured a smooth transition through close collaboration between the two companies.
For Zodia Markets, this acquisition represents a significant expansion of its service offerings and geographic reach. Usman Ahmad, Co-Founder and CEO of Zodia Markets, highlighted the strategic implications of the deal, stating,
“This acquisition is a significant progression to create greater diversification in our service offering and footprint, enabling scale and accelerating product capability.”
Ahmad further emphasized Zodia Markets’ commitment to sustainable growth in the digital asset sector, positioning the company as the preferred trading partner for institutional clients.
Building on our exceptional growth in the first half of the year, we are well-positioned to further capitalize on the global institutional demand for digital asset solutions,”
he added.
Meanwhile, this development comes amid increasing institutional demand for digital asset services. In a related development, Maple Finance recently selected Zodia Custody, another company part of Zodia Holding Limited, as its preferred custodian for global lending arrangements. Zodia Custody disclosed this partnership in a statement released on July 9, 2024, emphasizing its goal to accelerate institutional adoption of digital assets.
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