Zodia Custody Eyes Tungsten Acquisition to Cement UAE Digital Asset Expansion

Zodia Custody, the institution-grade digital asset custodian backed by global financial giants including Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank, and Emirates NBD, has announced it is exploring the acquisition of Tungsten Custody Solutions, a regulated UAE-based digital asset custodian.

If finalized, the deal would significantly enhance Zodia Custody’s presence in the United Arab Emirates by leveraging Tungsten’s licensing in the Abu Dhabi Global Market (ADGM) and its Initial Approval and No-Objection Certificate from Dubai’s Virtual Asset Regulatory Authority (VARA). It comes as Zodia continues its pursuit of a full VASP license from VARA to operate independently in Dubai.

The transaction would also see Further Ventures, the Abu Dhabi-based digital asset venture capital firm behind Tungsten’s incubation, join Zodia Custody’s cap table. This partnership would provide Zodia with stronger institutional and sovereign connectivity within the region.

“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.”

Further Ventures Managing Partner Mohamed Hamdy added, “Zodia’s robust infrastructure and global track record align with our vision of advancing transformative companies in the UAE’s digital economy. This partnership would accelerate institutional adoption of digital assets across the Middle East and beyond.”

The acquisition remains subject to due diligence, regulatory and shareholder approvals, and customary closing conditions.

New Leadership in the Region

In parallel with the acquisition talks, Zodia Custody is expanding its leadership team in the region. Dominic Longman, formerly the Senior Executive Officer at Binance Abu Dhabi, now serves as Managing Director for 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 drive regional commercial strategy from Zodia’s ADGM hub.

“Joining Zodia Custody at such a pivotal time is incredibly exciting,” said Longman. “We’re committed to building a regional custody leader out of the UAE.”

The announcement reflects growing global interest in the UAE as a regulated hub for digital asset innovation and a key bridge between traditional finance and Web3.