Zodia Custody Cements UAE Presence with Completion of Acquisition of Tungsten Custody Solutions

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LONDON, 30th June 2025 – Zodia Custody, the institution-first digital assets platform backed by Standard Chartered Ventures, Emirates NBD, Northern Trust, SBI Holdings, and National Australia Bank Ventures, today announced the completion of its acquisition of Tungsten Custody Solutions, a regulated digital asset custodian headquartered in the United Arab Emirates.

This follows Zodia Custody’s initial announcement of its intent to acquire Tungsten Custody Solutions in April.  The acquisition enhances Zodia Custody’s ability to deliver secure digital asset custody services in jurisdictions regarded as architects of the digital finance future. In addition to supporting geographical expansion, the deal confers Tungsten’s licensing within ADGM—the international financial centre of Abu Dhabi, the capital of the UAE—from the globally respected Financial Services Regulatory Authority (FSRA) to Zodia Custody. Zodia Custody will continue pursuing Tungsten’s full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), building on Tungsten’s Initial Approval Certificate from the regulator.

“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. We hope to replicate this type of relationship across the markets in which we operate.”

“From day one, our ambition with Tungsten was to help build a custody platform that meets the highest global standards while being deeply rooted in the UAE’s regulatory frameworks,” said Mohammed Hamdy, Managing Partner at Further Ventures. “Zodia Custody’s acquisition is a validation of that vision and a major step forward for institutional digital asset infrastructure in the region. We’re proud to join forces with a partner that shares our conviction in the future of compliant, secure, and borderless finance.”

Further Ventures, Abu Dhabi’s leading digital asset-focused venture capital firm, incubated Tungsten from its inception and will join Zodia Custody’s cap table as part of the deal. Further Ventures brings with it deep ties to the UAE’s investment, innovation, and regulatory ecosystems, which will help Zodia Custody continue its collaboration with regional players.

As merger and acquisition activity in the digital assets sector heats up, this acquisition underscores Zodia Custody’s reputation as a trusted institutional custodian as the market consolidates around experiences and reliable providers.