{"id":103247,"date":"2025-05-02T00:00:00","date_gmt":"2025-05-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/uk-based-digital-assets-platform-zodia-custody-eyes-takeover-of-abu-dhabis-tungsten\/"},"modified":"2025-05-02T00:00:00","modified_gmt":"2025-05-02T00:00:00","slug":"uk-based-digital-assets-platform-zodia-custody-eyes-takeover-of-abu-dhabis-tungsten","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/05\/02\/uk-based-digital-assets-platform-zodia-custody-eyes-takeover-of-abu-dhabis-tungsten\/","title":{"rendered":"UK-based digital assets platform Zodia Custody eyes takeover of Abu Dhabi\u2019s Tungsten"},"content":{"rendered":"

Emirates NBD-back<\/strong>ed and UK-based digital assets platform <\/strong>Zodia Custo<\/a><\/strong>dy<\/a><\/strong> is <\/strong>mulling a potential acquisition of Abu Dhabi digital asset custody firm <\/strong>Tungsten Custody Solutions<\/a><\/strong> in a bid to expand its footprint in the Middle East, according to a press release<\/a>.The transaction hinges on the completion of due diligence processes, shareholder and regulatory approvals, along with squaring away customary closing conditions. There\u2019s no publicly available information about the size of the transaction.<\/p>\n

Share swap on the table? <\/strong>Under the agreement, Abu Dhabi\u2019s ADQ-backed VC Further<\/a>Ventures<\/a>, a key shareholder and incubator of Tungsten, would also get a stake in Zodia. <\/p>\n

A means to an end: <\/strong>Zodia plans to tap into Tungsten\u2019s institutional investors network to build out its operations in the region. The firm would benefit from Tungsten\u2019s ADGM license, as it continues the process of obtaining a license from Dubai\u2019s Virtual Asset Regulatory Authority. <\/p>\n

Zodia also made key leadership hires, <\/strong>including ex-Binance executive Dominic Longman (Linkedin<\/a>) as managing director for the Middle East and Africa, and Zane Suren (Linkedin<\/a>) to lead regional growth from Abu Dhabi.<\/p>\n

It\u2019s already doing some work in the <\/strong>sector in Dubai: <\/strong>The firm is offering custody services<\/a> for Emirates NBD\u2019s crypto trading platform on Liv X app. <\/p>\n","protected":false},"excerpt":{"rendered":"

This would see Further Ventures, key shareholder and incubator of Tungsten, join Zodia\u2019s cap table<\/p>\n","protected":false},"author":1,"featured_media":103248,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[107,1031,7,60,2312,2311],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-103247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-crypto","tag-digital-assets","tag-enterpriseam-uae","tag-ma-watch","tag-tungsten","tag-zodia-custody","wpautop","entry"],"acf":{"mongo_id":"a89b6364-2fd2-499d-b055-8e462f7cee0a","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/2057.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UK-based digital assets platform Zodia Custody eyes takeover of Abu Dhabi\u2019s Tungsten","related_issue":[103237],"teaser":"This would see Further Ventures, key shareholder and incubator of Tungsten, join Zodia\u2019s cap table","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.2f94b255-14f2-4d77-89b9-3d3db6a014cb.mp3"},"yoast_head":"\nUK-based digital assets platform Zodia Custody eyes takeover of Abu Dhabi\u2019s Tungsten - 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