Zodia Custody, a London-based institutional digital assets platform backed by Standard Chartered Ventures, Emirates NBD, Northern Trust, SBI Holdings, and National Australia Bank Ventures, has officially completed its acquisition of Tungsten Custody Solutions, a regulated custodian of digital assets based in the United Arab Emirates.
The transaction follows Zodia Custody’s initial announcement in April outlining its plans to acquire Tungsten. This strategic move strengthens Zodia Custody’s ability to deliver secure digital asset custody services in key jurisdictions driving the evolution of digital finance.
Through the acquisition, Zodia Custody inherits Tungsten’s regulatory license issued by the Financial Services Regulatory Authority (FSRA) in Abu Dhabi. Additionally, Zodia Custody will continue pursuing a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), building on Tungsten’s existing initial approval certificate.
Commenting on the milestone, Dom Longman, Global Head of Markets at Zodia Custody, said:
“Zodia Custody’s acquisition of Tungsten reflects our long-standing and ongoing commitment to the UAE. 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. We hope to replicate this type of relationship across the markets in which we operate.”
Tungsten was incubated by Further Ventures, an Abu Dhabi-based venture capital firm specializing in digital assets. As part of the deal, Further Ventures will become a shareholder in Zodia Custody. The firm’s strong ties to the UAE’s investment and regulatory ecosystem are expected to further support Zodia Custody’s regional expansion and partnerships.
This acquisition comes amid a surge in mergers and acquisitions in the digital assets sector and reinforces Zodia Custody’s position as a trusted provider of institutional-grade custody solutions.
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