Zodia Custody has announced its potential acquisition of Tungsten Custody Solutions, a regulated digital asset custodian based in the United Arab Emirates (UAE).
Through this acquisition, Zodia aims to benefit from Tungsten’s licensing within the Abu Dhabi Global Market (ADGM), overseen by the Financial Services Regulatory Authority (FSRA).
“The UAE is setting the global standard for digital asset infrastructure, and we’re here to build with it,” said Julian Sawyer, CEO of Zodia Custody.
“This acquisition would give us licensed, operational scale within ADGM and unlock deep connectivity with the region’s sovereign ecosystem. It’s a pivotal moment in our global strategy,” he added.
Recognised as one of the world’s most respected regulatory regimes for digital assets, the ADGM would expand Zodia’s operational presence in the Middle East.
The deal would also see Further Ventures, Abu Dhabi’s leading digital asset-focused venture capital firm, join Zodia Custody’s cap table as a shareholder.
“This partnership would not only be strategic but would align perfectly with our vision of nurturing transformative companies within the UAE’s digital economy,” said Mohamed Hamdy, managing partner at Further Ventures.
“Zodia’s robust infrastructure, world-class team and exceptional track record provide a powerful foundation to accelerate the adoption of digital assets across the Middle East and beyond,” he added.
The completion of the acquisition is subject to due diligence, regulatory approval, shareholders’ approval and the satisfaction of other customary closing conditions.
