Zodia Custody completes acquisition of UAE-based Tungsten Custody Solutions, expanding its regulatory footprint in Abu Dhabi and Dubai.
Institution-first digital assets platform Zodia Custody has completed its acquisition of Tungsten Custody Solutions, a regulated digital asset custodian based in the United Arab Emirates.
The deal strengthens Zodia Custody’s position in the region and transfers Tungsten’s existing regulatory approvals within Abu Dhabi Global Market (ADGM) to the London-headquartered platform.
The acquisition, first announced in April, gives Zodia Custody access to a Financial Services Regulatory Authority (FSRA) licence held by Tungsten. Zodia Custody also plans to continue pursuing a full Virtual Asset Service Provider (VASP) licence in Dubai, building on Tungsten’s Initial Approval Certificate from the Virtual Asset Regulatory Authority (VARA).
“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.”
The transaction highlights ongoing consolidation in the digital asset custody sector, particularly among firms aiming to operate under established regulatory frameworks.
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