Walkers' Jersey team have advised Zodia Markets ("Zodia"), a digital asset trading business backed by Standard Chartered, on its acquisition of Elwood Capital Management Ltd ("ECML"), a digital asset OTC trading business based in Jersey. Walkers acted as Jersey transaction counsel to Zodia, working alongside Eversheds Sutherland (UK counsel to Zodia) and the internal Zodia legal team.
Zodia's acquisition of ECML is another significant step in their ongoing expansion strategy as a leading institutional digital asset trading business, with ECML providing liquidity solutions to its global client base and being a regulated presence in Jersey. Following the acquisition, ECML will be known as "Zodia Markets (Jersey) Limited".
The Walkers team was led by partners Dilmun Leach (corporate and regulatory) and Daniel Read (employment). Partner Dilmun Leach commented:
"It was great working with Zodia and the team at Eversheds Sutherland on Zodia's acquisition of ECML, which saw our team advise on all aspects of Jersey law from the buyer side. This purchase will add to Zodia's already industry-leading position in the institutional digital asset space and marks their entrance into the Jersey market."
Also advising were senior counsel Gemma Palmer, senior associates Luke Steele and Ellen Jarvis and associate Charlotte Beal.