Zodia Custody exploring acquisition of Tungsten Custody Solutions
29 April 2025 UAE
Image: stock.adobe.com/lara-sh
Zodia Custody is exploring the potential acquisition of Tungsten Custody Solutions.
Through an integration with Tungsten Custody Solutions, Zodia Custody would be expanding its offering of digital asset custody services in the UAE.
Julian Sawyer, CEO of Zodia Custody, says: “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.”
As part of the transaction, Further Ventures, an Abu Dhabi-based digital asset-focused venture capital firm who incubated Tungsten Custody Solutions, would join Zodia Custody’s cap table.
Mohamed Hamdy, managing partner at Further Ventures, adds: “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.”
Zodia Custody will continue the process of obtaining its full Virtual Asset Service Provider (VASP) license from the Dubai regulator.
Through an integration with Tungsten Custody Solutions, Zodia Custody would be expanding its offering of digital asset custody services in the UAE.
Julian Sawyer, CEO of Zodia Custody, says: “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.”
As part of the transaction, Further Ventures, an Abu Dhabi-based digital asset-focused venture capital firm who incubated Tungsten Custody Solutions, would join Zodia Custody’s cap table.
Mohamed Hamdy, managing partner at Further Ventures, adds: “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.”
Zodia Custody will continue the process of obtaining its full Virtual Asset Service Provider (VASP) license from the Dubai regulator.
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