Standard Chartered's crypto subsidiary, Zodia Markets Ltd., is in discussions to acquire part of Elwood Capital Management Ltd., backed by billionaire hedge fund manager Alan Howard.

This strategic move aims to expand Zodia's over-the-counter (OTC) crypto trading and settlement services, leveraging Elwood's licenses as a virtual asset service provider and investment business in Jersey.

The acquisition is set to be finalised this month, following a Bloomberg report citing insider sources.

Standard Chartered continues to demonstrate bullish sentiment towards cryptocurrencies, emphasising stablecoins as a permanent fixture in the future of financial services.