Elwood sells OTC business to Zodia Markets 17 July 2024Jersey Reporter: Jack McRae
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Elwood Technologies has sold its digital asset over the counter (OTC) business, Elwood Capital Management (ECM), to Zodia Markets.
ECM provides liquidity solutions to asset managers, token foundations, family offices, and digital asset businesses.
Following completion of the transaction, the entity will be known as Zodia Markets Jersey, and will remain based on the channel island.
Usman Ahmad, co-founder and CEO of Zodia Markets, says: “Acquiring a successful, established business with a similar regulatory-first mindset allows us to extend our offering to the clients we will welcome and provide our existing clients with a broader suite of capabilities and value.”
The sale will allow Elwood to focus on enhancing its SaaS products and services, including an execution management system and a portfolio and risk management system.
Chris Lawn, CEO of Elwood, explains: “[The sale] allows us to fully dedicate our resources to the SaaS business. In line with our vision, Elwood has been investing heavily in our software platform and we recently completed the build-out and integration of our new PMS with advanced capabilities.”
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