Backed by Standard Chartered Bank, and SBI Group, Zodia Custody, a global crypto asset custodian has completed its acquisition of UAE regulated Tungsten Custody Solutions, crypto custodian. In April of 2025, Zodia Custody had announced it was seeking to acquire Tungsten.
As per the X post, Zodia custody noted that this is a strong step in their expansion plans into the MENA region as they will benefit from the license that Tungsten already has within Abu Dhabi’s ADGM.
“Zodia Custody’s acquisition of Tungsten reflects our long-standing and ongoing commitment to the UAE,” said Dominic 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.”
“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 Mohamed Hamdy, Managing Partner at Further Ventures. “Zodia Custody’s acquisition is a validation of that vision and a major step forward for institutional digital asset infrastructure in the region. We’re proud to join forces with a partner that shares our conviction in the future of compliant, secure, and borderless finance.”
This announcement comes on the same day that Figment partnered with Tungsten to offer digital asset staking services for institutional clients in the region.
