Zodia Custody, a UK-based institutional digital asset custodian, has completed the acquisition of Tungsten Custody Solutions, a regulated digital asset firm headquartered in the United Arab Emirates.
The acquisition marks a strategic step to strengthen Zodia Custody’s regulatory presence in the UAE and expand its digital asset custody services across key regional markets. The deal enables Zodia to inherit Tungsten’s existing license from the Financial Services Regulatory Authority (FSRA) within Abu Dhabi Global Market (ADGM), one of the region’s most advanced regulatory frameworks for digital assets.
In parallel, Zodia Custody continues its pursuit of a full Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Asset Regulatory Authority (VARA), building on Tungsten’s prior initial approval status.
As part of the acquisition, Further Ventures, a UAE-based venture capital firm focused on digital assets and the incubator behind Tungsten, has become a shareholder in Zodia Custody. This adds significant value through regional regulatory ties and investment partnerships, further aligning with Zodia’s expansion strategy in the Middle East.
“Zodia Custody’s acquisition of Tungsten reflects our long-standing and ongoing commitment to the UAE,” said Dom Longman, global head of markets at Zodia Custody. “We are excited to deepen our presence in a market that is leading digital asset regulation through meaningful collaboration and revenue synergies with businesses operating under its authority.”
Zodia Custody is backed by a consortium of major financial institutions, including:
- Standard Chartered
- Emirates NBD
- Northern Trust
- SBI Holdings
- National Australia Bank Ventures
The company offers a suite of services such as custody, treasury, and settlement operations, along with consultancy and middle office solutions, operating under licenses in multiple jurisdictions including the UK, Ireland, Luxembourg, and Hong Kong.
This acquisition comes amid a surge in M&A activity across the digital assets sector, reinforcing Zodia Custody’s position as a secure, regulated, and institutionally trusted provider in both regional and global markets.
