Zodia Custody, a London-based institution-focused digital assets platform backed by Standard Chartered Ventures, Emirates NBD, Northern Trust, SBI Holdings, and National Australia Bank Ventures, has announced the completion of its acquisition of Tungsten Custody Solutions, a regulated digital asset custodian based in the UAE.

This follows an earlier announcement in April regarding Zodia Custody’s intent to acquire Tungsten.

The acquisition strengthens Zodia Custody’s capacity to provide secure digital asset custody services in jurisdictions considered central to the development of digital finance.

The transaction also transfers Tungsten’s regulatory license under the Financial Services Regulatory Authority (FSRA) to Zodia Custody.

Additionally, Zodia Custody will continue the process of obtaining a full Virtual Asset Service Provider (VASP) licence from Dubai’s Virtual Asset Regulatory Authority (VARA), following Tungsten’s initial approval certificate from the regulator.

“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.”

Tungsten was incubated by Further Ventures, an Abu Dhabi-based venture capital firm focused on digital assets.

As part of the acquisition, Further Ventures will join Zodia Custody’s cap table.

The firm’s established connections to the UAE’s investment and regulatory landscape are expected to support Zodia Custody’s ongoing regional collaboration.

The acquisition comes amid growing merger and acquisition activity in the digital assets sector and reinforces Zodia Custody’s position as a provider of institutional-grade custody services.

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