Zodia Custody Expands UAE Presence With Strategic Acquisition Of Tungsten Custody Solutions

Zodia Custody, a leading institution-first digital assets platform, has completed its acquisition of Tungsten Custody Solutions, strengthening its presence in the UAE. This strategic move enhances Zodia Custody’s ability to offer secure, compliant digital asset services in one of the world’s most respected regulatory landscapes. 

Zodia Custody, an institution-first platform for digital asset custodianship, has successfully completed the acquisition of Tungsten Custody Solutions, a regulated custodian based in the UAE. This acquisition, announced on 30th June 2025, reinforces Zodia Custody’s commitment to providing secure and compliant digital asset services across global markets, with a particular focus on the Middle East’s rapidly evolving financial landscape.

Tungsten Custody Solutions, headquartered in Abu Dhabi, holds a respected regulatory license from the Financial Services Regulatory Authority (FSRA) within the Abu Dhabi Global Market (ADGM), a leading international financial centre in the UAE. By acquiring Tungsten, Zodia Custody not only secures this valuable FSRA license but also strengthens its strategic presence in the Middle East, positioning the company as a trusted partner in the region’s growing digital asset ecosystem.

Strategic growth in the UAE market

The acquisition of Tungsten Custody Solutions enables Zodia Custody to tap into the UAE’s progressive regulatory framework, which is instrumental in shaping the future of digital finance. The FSRA’s regulation of Tungsten adds an important layer of trust to Zodia’s operations in the region, ensuring that the platform complies with stringent standards for digital asset custodianship.

With this move, Zodia Custody also continues its pursuit of Tungsten’s full Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Asset Regulatory Authority (VARA), building on Tungsten’s Initial Approval Certificate. This step ensures that Zodia Custody can enhance its digital asset custody services in the UAE and extend its market reach across the Middle East.

Dom Longman, Global Head of Markets at Zodia Custody, remarked, “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.”

Strengthening regional ties

Further Ventures, Abu Dhabi’s leading digital asset-focused venture capital firm, incubated Tungsten from its inception and will now join Zodia Custody’s cap table as part of the deal. Further Ventures brings invaluable expertise and deep ties to the UAE’s investment, innovation, and regulatory ecosystems. This collaboration will enable Zodia Custody to further build its relationships with key regional players and foster continued growth in the Middle East.

Mohammed Hamdy, Managing Partner at Further Ventures, stated, “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. 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.”

As the digital asset industry continues to mature, Zodia Custody’s acquisition of Tungsten underscores its position as a trusted institutional custodian. This deal comes at a time when mergers and acquisitions in the sector are intensifying, with the market consolidating around reliable and experienced providers.

About Zodia Custody

Zodia Custody is an institution-first digital assets platform that offers custody, treasury, and settlement solutions, enabling institutional investors globally to realise the full potential of the digital assets future. It is backed by Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank Ventures, and Emirates NBD. The platform operates under regulatory authorisations granted by the Financial Conduct Authority (FCA), the Central Bank of Ireland, the Commission de Surveillance du Secteur Financier (CSSF), and the Hong Kong Companies Registry.

Zodia Custody is committed to maintaining high compliance standards, including adhering to the requirements of the 5AMLD and applying the same Anti-Money Laundering (AML), Financial Crime Compliance (FCC), and Know Your Customer (KYC) standards as Standard Chartered. It also complies with the FATF Travel Rule. Zodia Custody operates across various jurisdictions, including the UK, Ireland, Luxembourg, and Hong Kong, with a focus on delivering secure and compliant digital asset custodianship services.