The acquisition would cement Zodia Custody’s UAE presence, leveraging ADGM licensing and regional institutional networks.
LONDON, 29 April 2025 – Zodia Custody, the institution-first digital assets platform backed by Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank, and Emirates NBD, today announced that it is exploring the potential acquisition of Tungsten Custody Solutions, a regulated digital asset custodian headquartered in the United Arab Emirates.
The acquisition would significantly expand Zodia Custody’s operational footprint in the Middle East and would benefit from Tungsten’s licensing within the Abu Dhabi Global Market (ADGM) – one of the world’s most respected regulatory regimes for digital assets, overseen by its regulator, the Financial Services Regulatory Authority (FSRA). Through an integration with Tungsten Custody Solutions, Zodia Custody would enhance its ability to deliver secure, digital asset custody services in the region. Tungsten also holds an Initial Approval and No-Objection Certificate from Dubai’s Virtual Asset Regulatory Authority (VARA). Zodia Custody will continue the process of obtaining its full Virtual Asset Service Provider (VASP) license from the Dubai regulator.
As part of the transaction, Further Ventures, Abu Dhabi’s leading digital asset-focused venture capital firm, would also join Zodia Custody’s cap table. Further Ventures incubated Tungsten Custody Solutions from inception and brings deep institutional ties across the UAE’s investment, innovation, and regulatory ecosystems.
“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.
“It’s a natural move for us to explore joining forces with Mohamed Hamdy and the team at Further Ventures, who are recognised leaders in fostering growth and innovation within the global digital asset landscape. We are looking forward to learning from their expertise and in-market insights as we work to expand our presence in the UAE.
“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.”
Mohamed Hamdy, Managing Partner at Further Ventures, comments, “We are excited to explore joining Zodia Custody on its journey to becoming the global leader in institutional digital asset custody solutions. 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. This partnership would not only be strategic but would align perfectly with our vision of nurturing transformative companies within the UAE’s digital economy.”
Completion of the acquisition is subject to the completion of due diligence and regulatory approval, shareholders’ approvals and satisfaction of other customary closing conditions. This news comes alongside key leadership appointments, including Dominic Longman, previously Senior Executive Officer at Binance Abu Dhabi Limited, now serving as Managing Director, 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 lead Zodia Custody’s regional growth from its ADGM-regulated hub.
“Joining Zodia Custody at such a pivotal time, with its plans to expand UAE operations, is incredibly exciting,”Longman comments. “I’m eager to lead a talented team from our UAE hub, and work with Zane to spearhead Zodia Custody’s growth strategy across the Middle East and Africa, cementing our position as the region’s leading digital asset custodian.”
About Zodia Custody
Zodia Custody is an institution-first digital assets platform backed by Standard Chartered, in association with Northern Trust, SBI Holdings, National Australia Bank, and Emirates NBD. Through the combination of its custody, treasury, and settlement solutions with consultancy and middle office operations, Zodia Custody enables institutional investors around the globe to realise the full potential of the digital assets future – simply, safely, and without compromise. It operates under authorisations granted by the Financial Conduct Authority, Central Bank of Ireland, Commission de Surveillance du Secteur Financier, and Hong Kong Companies Registry.
Zodia Custody implements the requirements of the 5AMLD and applies the same standards as Standard Chartered relating to AML, FCC, and KYC. It implements the requirements of the FATF Travel Rule. Zodia Custody Limited is registered in the UK with the FCA as a crypto asset business under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. Zodia Custody (Ireland) Limited is registered with the Central Bank of Ireland as a VASP under Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (as amended). Zodia Custody (Ireland) Limited was established in Ireland in August 2021. Zodia Custody (Ireland) Limited is registered with the CSSF in Luxembourg as a Virtual Asset Service Provider in accordance with article 7-1 (2) of the law dated 12 November 2004 on the fight against money laundering and terrorist financing, as amended. Zodia Custody (Hong Kong) Limited is registered with the Registry for Trust and Company Service Provider with License Number TC009245 under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), Cap. 615 in respect of its custodial activities in digital assets.
For further information on Zodia Custody, please visit: https://zodia-custody.com/
About Tungsten Custody Solutions
Tungsten provides secure, regulated digital assets custody for leading institutional investors, providing peace of mind for clients by safely storing digital assets and precisely executing transactions. Tungsten’s purpose-built technology is managed at its headquarters in the UAE. With a world-class team of experts, Tungsten minimises operational and geopolitical risks so clients can confidently invest in digital assets.
Tungsten Custody Solutions Ltd is Regulated by the ADGM Financial Services Regulatory Authority with Financial Services Permission Number 220129.
To learn more about Tungsten, visit tungsten.ae
About Further Ventures
Further Ventures builds and invests in companies powering financial markets of the future.
Further’s unique global platform bridges next-generation financial infrastructure in emerging economies with capital markets globally. Our companies enable institutional partners to securely transfer and store their assets, trade structured products, secure decentralized networks, tokenize funds, settle derivative transactions in a trustless manner, and much more.
Founders from San Francisco to Hong Kong choose Further as their institutional co-founder of choice. We make concentrated capital commitments, work proactively with regulators, and bring our collective expertise to build category leading companies.
Media Contact
Louisa Schepers
Zodia Custody
Konstantin Sinev
Further Ventures
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