Zodia Custody, a London-based digital assets platform focused on institutional clients and backed by Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank, and Emirates NBD, has announced it is exploring the acquisition of Tungsten Custody Solutions.
Tungsten is a regulated digital asset custodian based in the UAE.
The potential acquisition would allow Zodia Custody to expand its operational footprint in the Middle East, making use of Tungsten’s regulatory standing within the ADGM.
Tungsten also holds an Initial Approval and No-Objection Certificate from Dubai’s Virtual Asset Regulatory Authority (VARA). Zodia Custody continues to work towards securing its full Virtual Asset Service Provider (VASP) licence from VARA.
Further Ventures, a UAE-based venture capital firm focused on digital assets and the incubator behind Tungsten Custody, would join Zodia Custody’s cap table as part of the deal.
The firm is known for its institutional ties within the region’s investment, innovation, and regulatory sectors.
Julian Sawyer, CEO of Zodia Custody, said:
“The UAE is setting the global standard for digital asset infrastructure, and we’re here to build with it. 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. This acquisition would give us licensed, operational scale within ADGM and unlock deep connectivity with the region’s sovereign ecosystem.”
The acquisition remains subject to due diligence, regulatory and shareholder approvals, and other customary closing conditions.
This development follows key leadership changes at Zodia Custody.
Dominic Longman, formerly Senior Executive Officer at Binance Abu Dhabi, has joined as Managing Director for the 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 oversee regional growth from Zodia Custody’s ADGM-regulated hub.
Featured image credit: edited from freepik
