Zodia Custody Exploring the Acquisition of Tungsten Custody Solutions to Expand its UAE Operations

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LONDON, 29 April 2025 – Zodia Custody, the institution-first digital assets platform backed by Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank, and Emirates NBD, today announced that it is exploring the potential acquisition of  Tungsten Custody Solutions, a regulated digital asset custodian headquartered in the United Arab Emirates.

The acquisition would significantly expand Zodia Custody’s operational footprint in the Middle East and would benefit from Tungsten’s licensing within the Abu Dhabi Global Market (ADGM) – one of the world’s most respected regulatory regimes for digital assets, overseen by its regulator, the Financial Services Regulatory Authority (FSRA). Through an integration with Tungsten Custody Solutions, Zodia Custody would enhance its ability to deliver secure, digital asset custody services in the region. Tungsten also holds an Initial Approval and No-Objection Certificate from Dubai’s Virtual Asset Regulatory Authority (VARA). Zodia Custody will continue the process of obtaining its full Virtual Asset Service Provider (VASP) license from the Dubai regulator.

As part of the transaction, Further Ventures, Abu Dhabi’s leading digital asset-focused venture capital firm, would also join Zodia Custody’s cap table. Further Ventures incubated Tungsten Custody Solutions from inception and brings deep institutional ties across the UAE’s investment, innovation, and regulatory ecosystems.

“The UAE is setting the global standard for digital asset infrastructure – and we’re here to build with it,” said Julian Sawyer, CEO of Zodia Custody.

“It’s a natural move for us to explore joining forces with Mohamed Hamdy and the team at Further Ventures, who are recognised leaders in fostering growth and innovation within the global digital asset landscape. We are looking forward to learning from their expertise and in-market insights as we work to expand our presence in the UAE.

“This acquisition would give us licensed, operational scale within ADGM and unlock deep connectivity with the region’s sovereign ecosystem. It’s a pivotal moment in our global strategy.”

Mohamed Hamdy, Managing Partner at Further Ventures, comments, “We are excited to explore joining Zodia Custody on its journey to becoming the global leader in institutional digital asset custody solutions. Zodia’s robust infrastructure, world-class team, and exceptional track record provide a powerful foundation to accelerate the adoption of digital assets across the Middle East and beyond. This partnership would not only be strategic but would align perfectly with our vision of nurturing transformative companies within the UAE’s digital economy.”

Completion of the acquisition is subject to the completion of due diligence and regulatory approval, shareholders’ approvals and satisfaction of other customary closing conditions. This news comes alongside key leadership appointments, including Dominic Longman, previously Senior Executive Officer at Binance Abu Dhabi Limited, now serving as Managing Director, Middle East and Africa (MEA). He is joined by Zane Suren, Managing Director of Commercial, MEA, who relocated to the UAE earlier this year, and will lead Zodia Custody’s regional growth from its ADGM-regulated hub.

“Joining Zodia Custody at such a pivotal time, with its plans to expand UAE operations, is incredibly exciting,” Longman comments. “I’m eager to lead a talented team from our UAE hub, and work with Zane to spearhead Zodia Custody’s growth strategy across the Middle East and Africa, cementing our position as the region’s leading digital asset custodian.”