Zodia Custody's Strategic Leap into UAE with Tungsten Deal
In a strategic move, Zodia Custody eyes UAE-based Tungsten Custody, aiming for rapid regional expansion and regulatory advantage.
From Global Ambitions to Strategic Grounding
In a bold move aimed at solidifying its position in the burgeoning Middle Eastern market, Zodia Custody, a subsidiary of Standard Chartered’s SC Ventures, has set its sights on the acquisition of Tungsten Custody, a UAE-based digital asset custodian holding licenses in the Abu Dhabi Global Market (ADGM). This pursuit underscores Zodia’s pursuit of expanding its global footprint, promising a swift entry into the UAE’s regulatory frameworks.
Building Bridges with Emirati Backers
Founded with an impressive coalition including Standard Chartered, Northern Trust, and garnered subsequent investment from entities such as Emirates NBD, Zodia Custody recognizes the acquisition as pivotal. According to Ledger Insights, it would pave the way for significant collaboration with regional sovereign ecosystems, bolstering its operational scale considerably within ADGM.
Julian Sawyer, Zodia’s visionary CEO, aptly described the merger as a “pivotal moment” in their journey, leveraging integrations with Abu Dhabi’s financial dynamics to optimize regional connectivity.
Tungsten’s Role in Zodia’s Vision
Tungsten, gaining traction with initial approval from Dubai’s regulatory body, VARA, stands as a prized asset for Zodia’s ambitious plans. However, this isn’t just a strategic push — it’s an amalgamation of shared visions. With Tungsten being backed by Abu Dhabi’s Further Ventures, integration would signal a deeper investment into nurturing transformative companies within the UAE’s digital economy.
Mohamed Hamdy from Further Ventures shares this enthusiasm: “The partnership aligns beautifully with our vision, fostering an environment for transformative growth.”
Beyond Regional Collaborations
Zodia is not new to strategic partnerships and client acquisitions. Its robust client portfolio includes names like Deutsche Bank’s 21Shares, DWS, and other influential crypto firms. This trajectory not only highlights their strategic foresight but reflects Zodia’s penchant for tackling dynamic markets head-on.
Navigating the Future Together
While the road to finalizing the deal requires due diligence and shareholder approvals, the future appears promising. Recently, Zodia fortified its team by onboarding talent like Dominic Longman from Binance Abu Dhabi, underscoring their commitment to a strong regional presence.
This acquisition signifies more than just a business expansion; it’s an embrace of regional innovation and a testament to Zodia’s commitment to a future-ready, globally connected digital economy.