Standard Chartered Bank's crypto arm moves ahead with acquisition of Elwood Capital

Zodia Markets, the cryptocurrency subsidiary of British multinational bank Standard Chartered,
Markets has announced that Elwood Capital Management, a cryptocurrency firm backed by billionaire hedge fund manager Alan Howard, has acquired 10,000 shares of its holding company.
It has been reported that the company is in negotiations to acquire Elwood Capital Management. Bloomberg reported on the 9th (local time) citing a source familiar with the matter.
Zodia Markets' deal to acquire Elwood Capital, a provider of over-the-counter (OTC) cryptocurrency trading and settlement services, is expected to close this month.
The acquisition of Elwood Capital would give Zodia Markets the ability to operate as a cryptocurrency provider and investor in the jurisdiction of Jersey, a British Crown dependency on the northern coast of France.
The company will acquire a license to operate as a cryptocurrency operator, sources said. Zodia Markets is a venture capital arm of Standard Chartered Bank, which is expected to acquire the license in 2021.
It will be a cryptocurrency exchange established through a joint investment between BTMU and Hong Kong's BC Technology Group.