Zodia Custody, a provider of digital asset custody solutions for institutional clients, has completed its acquisition of Tungsten Custody Solutions, a regulated digital asset custodian headquartered in the United Arab Emirates.

Through this deal, London-based Zodia benefits from Tungsten’s licence in the Abu Dhabi Global Market ( ADGM ), a regulatory regime for digital assets overseen by the Financial Services Regulatory Authority ( FSRA ).

Zodia Custody will also continue pursuing Tungsten’s full VASP ( virtual asset service provider ) licence from Dubai’s Virtual Asset Regulatory Authority ( Vara ), building on its existing initial approval, to enhance its ability to deliver secure, digital asset custody services in the region.

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

Zodia is backed by Standard Chartered, in association with Northern Trust, SBI Holdings, National Australia Bank Ventures, and Emirates NBD.

It provides custody, treasury, and settlement solutions, along with consultancy and middle office operations. It operates under authorizations granted by the Financial Conduct Authority, Central Bank of Ireland, Commission de Surveillance du Secteur Financier, and Hong Kong Companies Registry. 

“Zodia Custody’s acquisition of Tungsten reflects our long-standing and ongoing commitment to the UAE,” comments 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.”