As a seasoned crypto investor with a few battle scars and a solid understanding of the market dynamics, I find this latest development between Zodia Markets and Elwood Capital quite intriguing. It’s clear that traditional financial institutions are increasingly recognizing the value and potential of cryptocurrencies, especially stablecoins.
The crypto branch of the investment bank, Zodia Markets Ltd., is in talks about purchasing a portion of Elwood Capital Management Ltd.
According to a Bloomberg report from July 9, which was based on sources close to the situation, Alan Howard, the wealthy hedge fund manager, supports the firm, and the deal is projected to be finalized this month.
Elwood Capital offers over-the-counter (OTC) crypto trading and settlement services.
Big Bank Crypto Acquisitions
For Zodia Markets, making this move is a shrewd decision since it will secure licenses as a provider of virtual assets and investment services in Jersey, thereby facilitating a transition towards over-the-counter (OTC) settlement solutions.
In June, the news outlet, CryptoPotato, announced that Standard Chartered was planning to establish a Bitcoin and Ethereum trading desk in London.
I, as an analyst, would rephrase that as follows: I’m an analyst and I’d like to share some information about Elwood Capital. This is a division of Elwood Technologies, a company founded by Alan Howard in the year 2018. We raised an impressive $70 million in investment capital, with notable contributors including Goldman Sachs Group.
A wealthy hedge fund magnate purchased crypto businesses on the market in January, intending to utilize any gains to re-invest in his digital asset arm, Brevan Howard Digital.
In 2021, Standard Chartered introduced Zodia Markets as a collaborative initiative between its venture capital division and BC Technology Group based in Hong Kong.
In the middle of 2022, amidst a bear market trend in the crypto exchange industry, Zodia’s platform was introduced. However, it had to close down its operations in early 2024 due to insufficient market demand, according to its CEO Usman Ahmad.
The firm intends to leverage its connection with Standard Chartered to provide swift, bulk transactions settling both fiat currencies and stablecoins. (Bloomberg was informed of this by him.)
OTC settlement operations now handle $50 to $60 million in daily trading volumes, he added.
SC Bullish on Crypto
In an blog post published earlier this year, Standard Chartered expressed the belief that cryptocurrencies, with a focus on stablecoins, hold a significant and enduring role in the financial sector’s future.
As a researcher examining the future of financial services, I can affirm that Standard Chartered holds digital assets in high regard, viewing them as a significant and enduring component. The bank acknowledges the promising potential of stablecoins within this domain.
As a researcher specializing in digital assets at a financial institution, I expressed my perspective on Bitcoin’s price trend in an interview held in April. I forecasted that the cryptocurrency would exhibit upward momentum during the year 2024, possibly surpassing the projected value of $150,000 based on current market analysis.
The asset has been decreasing in value since reaching its peak in March, with a recent correction of approximately 26%.
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2024-07-10 12:50