Quick take:
- The acquisition enhances Zodia Custody’s ability to secure digital assets in the UAE, one of the jurisdictions seen as leading the transition to a new age in digital finance.
- It also accelerates Zodia Custody’s expansion campaign at a time when traditional financial institutions are embracing crypto more.
- The company plans to continue pursuing Tungsten’s push for a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
Zodia Custody, the digital asset custodial service provider backed by Standard Chartered Ventures, Emirates NBD, Northern Trust, SBI Holdings, and National Australia Bank Ventures, has completed the acquisition of the UAE-based Tungsten Custody Solutions, following the initial announcement in April.
The acquisition enables Zodia Custody to roll out its service in one of the fastest-growing digital asset hubs by leveraging Tungsten’s licensing in the ADGM. It also accelerates Zodia Custody’s expansion campaign at a time when traditional financial institutions are embracing crypto more.
Zodia Custody said in a press release shared with NFTgators that it will continue pursuing Tungsten’s push for a full Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA).
Commenting on the announcement, Dom Longman, Global Head of Markets at Zodia Custody, highlighted the acquisition as part of the company’s commitment to the UAE.
“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.”
Further Ventures, one of the leading digital asset-focused venture firms in Abu Dhabi, incubated Tungsten from inception. It will be joining Zodia Custody as part of the deal.
“From day one, our ambition with Tungsten was to help build a custody platform that meets the highest global standards while being deeply rooted in the UAE’s regulatory frameworks,” said Mohammed Hamdy, Managing Partner at Further Ventures.
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