Tungsten Custody Solutions
Tungsten Custody Solutions is a UAE-based regulated institutional digital asset custodian operating under ADGM FSRA and Dubai VARA, offering cold-storage custody, staking, and integrated services to asset managers, sovereign wealth funds, miners, and trading firms across the MENA region.
- Company typePrivate
- Founded2024
- HeadquartersAbu Dhabi, United Arab Emirates
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Tungsten Custody Solutions does
Tungsten Custody Solutions is a UAE-based regulated digital asset custodian serving institutional clients across the MENA region. The company operates through two licensed entities — Tungsten Custody Solutions Ltd regulated by the ADGM Financial Services Regulatory Authority (FSRA, permission number 220129) and Tungsten Custody Solutions FZE regulated by Dubai's Virtual Assets Regulatory Authority (VARA) — under ultimate parent Tungsten Holding Limited. Tungsten was created in 2023/2024 by Further Ventures, a venture studio aligned with Abu Dhabi's 2030 digital asset strategic vision, and is backed by a sovereign wealth owner providing reserve capital.
The core platform delivers institutional-grade custody of 70+ virtual assets (BTC, ETH, USDT, USDC, plus newer assets including MANTRA and Toncoin) using a Multi-Party Computation (MPC) architecture with cold storage, military-grade Hardware Security Modules (HSMs), and airgapped transaction verification. Dfns Wallets-as-a-Service underpins key management within UAE-based data centers and provides 100+ integrations with exchanges, staking providers, disaster recovery, and banking systems (including Temenos). Compliance is delivered via integrations with Passfort, Onfido, Elliptic, and Refinitiv; the platform holds SOC 2 Type II (Unqualified Opinion from Ernst & Young), ISO 27001, and alignment with the CMTA Digital Assets Custody Standard (DCAS 2023), and offers insurance up to USD 1 billion through Arch.
The business model combines recurring custody fees (subscription/annual billing, bespoke pricing), staking-enabled yield services via Twinstake and Figment partnerships, and integrated on/off-ramping and liquidity solutions. Distribution is exclusively direct enterprise sales — white-glove onboarding with a dedicated Trust Office, 24-hour client portal, address whitelisting, velocity controls, and customisable delegation-of-authority matrices — targeting asset managers, fund managers, sovereign wealth funds, UHNWIs, crypto miners, hedge funds, prop trading firms, quant funds, market makers, OTC desks, ETP providers, foundations, VC funds, and exchanges. The firm is privately held with 11-50 employees and has not publicly disclosed funding beyond studio creation by Further Ventures.
Tungsten Custody Solutions firmographics
Firmographics- Name
- Tungsten Custody Solutions
- Legal name
- Tungsten Custody Solutions Ltd
- Website
- https://tungsten.ae
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Tungsten Custody Solutions is a UAE-based regulated institutional digital asset custodian operating under ADGM FSRA and Dubai VARA, offering cold-storage custody, staking, and integrated services to asset managers, sovereign wealth funds, miners, and trading firms across the MENA region.
- Ownership category
- akta.pro rank
Tungsten Custody Solutions industry classification
Industry- Product category
- Institutional Digital Asset Custody
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Institutional Qualified Custody (Banks/Trust Companies) (FSADACAA)
- akta.pro secondary industries
- Digital Asset Custody (Institutional Crypto Custody) (FSAFAHAH), Institutional Custody & Qualified Custodians (HSM-backed, segregated custody) (FSAPACAD), Custody Technology Platforms (Custody-as-a-Service) (FSADACAB)
Keywords
Where Tungsten Custody Solutions is headquartered
LocationHeadquarters
- HQ city
- Abu Dhabi
- HQ country
- United Arab Emirates
- HQ region
- Middle East
Offices3 records
Markets served
Tungsten Custody Solutions business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others
Revenue model
- Digital Asset Custody Services: Regulated custody services for institutional clients storing digital assets. Revenue generated from secure storage and management of virtual assets including Bitcoin, Ethereum, and 70+ other supported tokens. Clients include institutional investors, crypto miners, trading firms, ETP providers, foundations, and venture capital funds.
- Staking Services: Institutional-grade staking solutions through partnerships with Twinstake and Figment, enabling clients to earn staking rewards on PoS assets while maintaining custody. Revenue model combines custody fees with staking-related services.
- Integrated Services: On- and off-ramping solutions, liquidity access through partner integrations, and bespoke financial product arrangements for institutional clients.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Institutional Custody Services - Custom Pricing |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
Tungsten Custody Solutions product offering
Product offeringCore offering
Tungsten Custody Solutions provides regulated digital asset custody services for institutional clients, offering secure cold storage of 70+ virtual assets including Bitcoin and Ethereum, with private keys held within UAE-based infrastructure. The company also delivers institutional-grade staking services through partnerships with Twinstake and Figment, alongside integrated on/off-ramping and liquidity solutions. Services are delivered through a white-glove Trust Office model supported by HSM-based security, MPC architecture, and a 24-hour customer portal.
Product overview
Tungsten Custody Solutions offers Zodia Custody, a regulated institutional digital asset custody platform that combines cold storage infrastructure with white-glove operational services. The core platform provides secure custody through offline cold storage managed via HSMs and Dfns wallet infrastructure, with keys held in UAE-based data centers. Client access is facilitated through the Trust Office (a dedicated operations team) and a 24-hour customer portal. Additional capabilities include Staking Services (via Twinstake and Figment partnerships) for earning rewards on PoS assets, and On-/Off-Ramping Solutions for liquidity access. Compliance is powered by Elliptic's blockchain analytics suite for transaction monitoring and AML/CTF screening. The platform supports 67+ virtual assets including Bitcoin, Ethereum, major altcoins, and stablecoins (USDC, USDT), with regulatory approvals from FSRA (ADGM) and VARA (Dubai).
Differentiator
Problem solved
Functional benefit
Products and services
- Institutional Digital Asset Custody Regulated institutional digital asset custody service providing secure storage of 70+ virtual assets including Bitcoin, Ethereum, USDT, USDC, Solana, XRP, Cardano, Polkadot, Avalanche, Litecoin, MANTRA (OM), and Toncoin (TON). Uses cold storage with HSM-based keys held offline within UAE-based infrastructure.
- Institutional Staking Services Institutional-grade staking solutions enabling clients to earn staking rewards on Proof-of-Stake assets while maintaining custody with Tungsten. Delivered through partnerships with Twinstake (premier non-custodial staking provider) and Figment (leading institutional staking infrastructure serving 500+ institutional clients). Supports ETH staking with more networks planned.
- On- and Off-Ramping Solutions Liquidity access and asset conversion solutions enabling institutional clients to acquire digital assets at competitive prices and convert assets to fiat. Delivered through partner integrations with exchanges, liquidity providers, and OTC trading partners.
- Trust Office White-Glove Service Dedicated customer-facing team providing personalized white-glove service for custody clients. Processes instructions according to pre-agreed delegation of authority matrices, manages deposits, withdrawals, and transfers, and is available through multiple communication channels including phone and email. Supports address whitelisting, velocity controls, and customizable user policies with individual-level roles and permissions.
- 24-Hour Customer Portal Secure client portal providing 24-hour access for client requests, enabling users to manage custody wallets, access data and insights, and utilize tools for team management. Includes address whitelisting, velocity controls (caps on asset movement within timeframes), and customizable user policies with individual-level roles and permissions.
- Dfns Wallet Infrastructure (Deployed Platform) Wallets-as-a-Service platform deployed within Tungsten's UAE-based infrastructure providing advanced key management with over 100 integrations with exchanges, staking providers, disaster recovery solutions, and banking systems including Temenos. Protects over $1 billion in monthly transactions with zero hacks and zero lost keys. Supports Bitcoin Taproot upgrade with Schnorr signatures for BTC-based sidechain projects like Babylon's Bitcoin staking protocol.
- Elliptic Compliance Suite Integration
Quantifiable outcome
- Zero hacks or lost keys on Dfns platform protecting over $1 billion monthly transactions
- +3 more outcomes
Companies that use Tungsten Custody Solutions
Customer profileNamed customers10 records
Segments7 records
Ideal customer profiles4 records
Tungsten Custody Solutions technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature7 records
Tungsten Custody Solutions partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered expansion and core.
- TON FoundationexpansionTON Foundation supports The Open Network (TON), a global decentralized blockchain community focused on putting crypto in every pocket by building the Web3 ecosystem in Telegram Messenger. Tungsten received regulatory approval from ADGM FSRA to provide custody for Toncoin (TON), with TON Foundation establishing its base in ADGM. The partnership aligns with Abu Dhabi's commitment to blockchain innovation and TON's vision to empower 500 million users to own their digital identity, data, and assets by 2028.
- MANTRA ChainexpansionMANTRA is a purpose-built Layer 1 blockchain for real-world assets (RWA) capable of adherence to real world regulatory requirements. The collaboration enables institutional clients to securely custody OM tokens while leveraging Tungsten's regulated framework. MANTRA integration reinforces Tungsten's commitment to supporting the broader MANTRA blockchain ecosystem that empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space.
- DfnscoreDfns is a Wallets-as-a-Service platform providing advanced security for digital assets. Tungsten deployed Dfns to enable secure holding of private keys within UAE, reinforcing its position as a leader in regulated custody while ensuring compliance with local requirements. Dfns supports over 100 integrations with exchanges, staking providers, disaster recovery, and banking systems including Temenos. Dfns protects over $1 billion in monthly transactions with zero hacks and zero lost keys. The deployment enables Tungsten to support Bitcoin Taproot upgrade with Schnorr signatures.
- TwinstakecoreTwinstake is the premier non-custodial staking provider for institutional clients offering elite service and maximum performance. The partnership combines Tungsten's trusted digital asset custody with Twinstake's top-performing staking capabilities. Institutional clients can stake digital assets through Twinstake's secure, non-custodial staking solutions while keeping assets under Tungsten's trusted custodianship. Twinstake offers extensive asset support, easy integration with custodial partners, comprehensive compliance and reporting, and custom product building.
- FigmentcoreFigment is the leading provider of institutional staking infrastructure serving over 500 institutional clients. The partnership brings enterprise-grade staking to Tungsten's custodial clients in the Middle East for Ethereum (ETH), with more networks coming soon. Figment provides a comprehensive staking solution including point-and-click dashboard, portfolio reward tracking, API integrations, audited infrastructure, and slashing protection. Figment is the largest non-custodial staking provider of staked ETH on Figment validators, following a 'Safety Over Liveness' strategy.
- EllipticcoreElliptic is the global leader in cryptoasset risk management and blockchain analytics. Tungsten integrated Elliptic's comprehensive compliance suite including crypto wallet screening, transaction monitoring, and investigative solutions. Elliptic provides real-time, programmatic, cross-chain, and cross-asset tracing across 43 distinct blockchains and 1,000+ cryptoassets. Tungsten integrated Elliptic's suite within 7 days. The partnership enhances Tungsten's anti-money laundering capabilities and compliance with regulatory standards.
- Arch Insurance (Specie Policy)coreArch Insurance provides comprehensive specie policy coverage for Tungsten customers, safeguarding vital backup materials like administrative devices and backups against physical damage, theft, and internal risks. This enables Tungsten to offer enhanced coverage options up to USD 1 billion for clients seeking additional protection.
Scale indicators8 records
Recent moves7 records
Expansion highlights4 records
Tungsten Custody Solutions competitors and assessment
Company assessmentDirect peers
- Zodia Custody: UK FCA- and ADGM-regulated institutional digital asset custodian offering segregated cold-storage custody for institutions. Closest peer to Tungsten: Tungsten explicitly markets a 'Zodia Custody' product on its website, suggesting either ownership of, partnership with, or competitive overlap with Zodia, making it the most directly comparable institutional qualified custodian.
- Hex Trust: Asia-based regulated institutional digital asset custodian offering qualified custody, staking, and DeFi access under multiple licenses (Hong Kong, Dubai VARA). Directly comparable to Tungsten on regulatory footprint, custody-plus-staking model, institutional client focus, and VARA licensing overlap in Dubai.
- Komainu: Institutional digital asset custody joint venture backed by Nomura, Ledger, and CoinShares, serving banks, asset managers, and corporates under regulated frameworks. Comparable to Tungsten on institutional qualified-custody positioning, banking-grade security stack, and regulated entity structure.
- Anchorage Digital: US OCC-chartered crypto bank and OCC/FinMA-regulated qualified custodian serving institutional clients with staking, settlement, and governance. Directly comparable to Tungsten on qualified-custody positioning, bank-grade custody stack, staking services for institutions, and global institutional client focus.
- BitGo: US trust-company-regulated institutional digital asset custodian offering cold-storage custody, staking, and trading prime services to institutions and ETFs. Directly comparable to Tungsten on institutional qualified custody for digital assets, ETP-provider support, and staking services.
- Fireblocks: Institutional digital asset custody and settlement platform (MPC-based, wallets-as-a-service) used by banks, exchanges, and trading firms. Comparable to Tungsten on MPC-based custody architecture, Dfns partner relationship, institutional focus, and white-glove onboarding model.
Broad incumbents
- Coinbase Custody: Custody arm of Coinbase, a US-regulated qualified custodian serving institutional clients including ETFs and hedge funds. Comparable to Tungsten on institutional digital asset custody, ETP support, and SOC/insurance-backed security stack, though broader and more globally scaled.
- Fidelity Digital Assets: US-registered institutional crypto custodian owned by Fidelity, serving hedge funds, family offices, and corporates. Comparable to Tungsten on institutional focus, qualified custody positioning, and white-glove service model, with significantly larger balance-sheet support and brand recognition.
Emerging players
- Sygnum Bank: Switzerland-regulated digital asset banking group offering institutional custody, trading, and tokenization services. Comparable to Tungsten on regulated institutional custody, tokenization support, and white-glove institutional service, with stronger European franchise.
Regional players
- OSL Digital Securities: Hong Kong and Dubai VARA-regulated institutional digital asset platform offering brokerage, custody, and SaaS services. Comparable to Tungsten on regulated institutional custody under VARA, institutional focus, and white-glove service, though primarily Asia-Pacific headquartered.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Tungsten Custody Solutions social profiles
Digital presenceTungsten Custody Solutions compliance and trust
Trust signalCompliance3 records
Tungsten Custody Solutions financial estimates
Financial estimateRevenue estimate
Valuation estimate
Tungsten Custody Solutions leadership team
Management profileNumber of profiles
Profiles4 records
Tungsten Custody Solutions funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Tungsten Custody Solutions M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Tungsten Custody Solutions
What does Tungsten Custody Solutions do?
Tungsten Custody Solutions provides regulated digital asset custody services for institutional clients, offering secure cold storage of 70+ virtual assets including Bitcoin and Ethereum, with private keys held within UAE-based infrastructure. The company also delivers institutional-grade staking services through partnerships with Twinstake and Figment, alongside integrated on/off-ramping and liquidity solutions. Services are delivered through a white-glove Trust Office model supported by HSM-based security, MPC architecture, and a 24-hour customer portal.
Is Tungsten Custody Solutions a public or private company?
Tungsten Custody Solutions is a private company. It is classified as venture growth investor backed and is currently operating.
When was Tungsten Custody Solutions founded?
Tungsten Custody Solutions was founded in 2024. It employs 11 to 50 people.
Where is Tungsten Custody Solutions based?
Tungsten Custody Solutions is headquartered in Abu Dhabi, United Arab Emirates, in the Middle East region.
How does Tungsten Custody Solutions make money?
Three revenue lines are on record. Digital Asset Custody Services are the primary driver. The others are staking Services and integrated Services.
Who are Tungsten Custody Solutions's main competitors?
Direct peers on record are Zodia Custody, Hex Trust, Komainu, Anchorage Digital, BitGo and Fireblocks. Broad incumbents are Coinbase Custody and Fidelity Digital Assets. Sygnum Bank is listed as an emerging player. OSL Digital Securities is listed as a regional player.
Does Tungsten Custody Solutions have an API?
No public API is recorded for Tungsten Custody Solutions.
What industry is Tungsten Custody Solutions in?
Tungsten Custody Solutions's product category is Institutional Digital Asset Custody. Its primary akta.pro industry code is FSADACAA, Institutional Qualified Custody (Banks/Trust Companies), with a secondary code of FSAFAHAH, Digital Asset Custody (Institutional Crypto Custody). Its SIC code is 6199.