Zodia Custody says it is exploring acquiring UAE-based Tungsten Custody, a digital asset custody firm that holds a license in the Abu Dhabi Global Market (ADGM). Zodia was founded by Standard Chartered’s SC Ventures and Northern Trust, with other backers including Japan’s SBI, National Australia Bank (NAB) and Emirates NBD.
Emirates NBD invested in late 2024, but Zodia Custody doesn’t currently have a license in the UAE. In addition to the ADGM license, Tungsten also has initial approval from the Dubai regulator VARA. Hence, the acquisition would accelerate the regulatory approval process for 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,” said Julian Sawyer, CEO of Zodia Custody. The company already has activities in the UK, Ireland, Luxembourg, Hong Kong and Singapore, as well as a joint venture in Japan.
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