Zodia Custody Acquires Tungsten Custody Solutions to Enhance Digital Asset Reach

Zodia Custody, a London-based digital assets platform supported by Standard Chartered Ventures and other financial giants, has finalized its acquisition of Tungsten Custody Solutions, a regulated digital asset custodian located in the UAE. Initially announced in April, the acquisition is part of Zodia's strategic plan to bolster its capability in providing secure digital asset custody services across key jurisdictions in digital finance development. The transaction also involves the transfer of Tungsten's regulatory license under the FSRA to Zodia Custody. Moreover, Zodia Custody is advancing its process to secure a comprehensive Virtual Asset Service Provider license from Dubai's regulator. This acquisition underlines Zodia’s commitment to the UAE and aims to harness synergies and deepen market presence through enhanced collaboration. Tungsten was initially incubated by Further Ventures, a venture capital firm in Abu Dhabi, which will now join Zodia's capitalization table, supporting its regional networking. This acquisition marks a significant move amidst rising M&A activities in the digital assets domain, reinforcing Zodia's stature in institutional-grade custody services.