Zodia Custody Acquires Tungsten Custody Solutions to Expand Middle East Presence

According to PANews, Zodia Custody, a subsidiary of Standard Chartered Bank, has completed the acquisition of Tungsten Custody Solutions, a licensed digital asset custody company in the United Arab Emirates. This acquisition grants Zodia a financial license from the Abu Dhabi Global Market (ADGM) and preliminary approval from the Dubai Virtual Assets Regulatory Authority (VARA), facilitating its expansion of institutional services in the Middle East. Tungsten was initially incubated by Further Ventures, a digital asset investment firm based in Abu Dhabi. Following the acquisition, Further Ventures will become a shareholder in Zodia and continue to provide local resource support. Zodia has already secured regulatory approvals in the United Kingdom, Ireland, Luxembourg, and Hong Kong, with shareholders including Standard Chartered Ventures and the National Bank of the UAE.