UAE's Tungsten Custody Acquired by Zodia Custody in Strategic Digital Asset Deal
The UAE-based digital asset custodian, Tungsten Custody Solutions, has been acquired by the global, institution-focused custodian Zodia Custody. This landmark deal provides Zodia Custody with immediate, regulated access to the Middle East market through Tungsten's license in the Abu Dhabi Global Market (ADGM).
A Landmark Deal for the UAE's Digital Asset Scene
The acquisition of a homegrown, regulated custodian like Tungsten by a major international player backed by Standard Chartered bank is a significant validation of the UAE's robust digital asset framework. The deal also involves Tungsten's key backer, the Abu Dhabi-based venture builder Further Ventures, becoming a minority shareholder in Zodia Custody, signaling a deep strategic alignment.
Unlocking a Regulated Path into the Middle East
At the core of the acquisition is Tungsten Custody's Financial Services Permission (FSP) license from ADGM's Financial Services Regulatory Authority (FSRA). This license allows Zodia Custody to immediately begin offering its world-class digital asset custody services to institutional clients in the UAE and the wider region. Furthermore, Zodia will build upon the initial approval Tungsten had already received from Dubai's Virtual Assets Regulatory Authority (VARA) to secure a full license there.
About the Partners
Tungsten Custody Solutions: A UAE-based digital asset custody provider founded with the support of the venture builder Further Ventures and licensed to operate within the Abu Dhabi Global Market.
Zodia Custody: A UK-based, institution-first digital asset custodian. It is a subsidiary of Standard Chartered and is backed by other major financial institutions including Northern Trust and SBI Holdings.
Looking Ahead
This acquisition represents a key consolidation in the UAE's digital asset market and reinforces Abu Dhabi's position as a leading, regulated hub for institutional crypto services. By providing a clear and immediate entry path for a major global player, this deal is expected to increase the range of sophisticated custody solutions available in the region and attract further institutional investment into the MENA digital asset ecosystem.
Source: Jawlah