Digital asset trading start-up Zodia Markets has secured $18.25 million in a Series A funding round led by New York VC firm Pharsalus Capital.
Circle Ventures, Human Capital, The Operating Group, XVC Tech, and Token Bay Capital also participated in the round, alongside other unnamed strategic investors.
Funds have been earmarked to “support the firm’s continuing geographic expansion and support the growing capability of stablecoin-based payment orchestration”, according to a statement. The company has also outlined plans to develop “additional institutional trading products” for cross-border stablecoin settlements.
Founded in 2021 by CEO Usman Ahmad and head of partnerships Nick Philpott, Zodia Markets has developed an institutional-grade digital asset exchange and brokerage platform, which supports over 20 fiat currencies and more than 70 digital assets, including various USD and non-USD stablecoins.
The UK-based company has been backed by Standard Chartered’s SC Ventures and Hong Kong-based digital asset company OSL Group since its inception. According to Ahmad, Zodia Markets aims to “reengineer traditional foreign exchange capital flows with real time stablecoin settlement across borders”.
Last year, Zodia Markets acquired Elwood Capital Management Ltd (ECML), a Jersey-based digital asset over-the-counter trading entity formerly owned by Elwood Technologies. At the time, Ahmad explained that the purchase would enable “greater diversification in our service offering and footprint”, along with “scale and accelerating product capability”.
Source: https://www.fintechfutures.com/
