UAE’s Tungsten Secures FSRA Licence for $23B Digital Assets Custody 

Traditionally, investors encounter operational risks in managing the intricate nature of digital assets in-house, alongside the potential for uninsured asset loss, given Hacken research's estimation that 70% of crypto wallets have security vulnerabilities. Additionally, investors encounter counterparty risks when entrusting custody to exchanges and OTC brokers.

With cutting-edge systems and stringent controls, Tungsten's security aligns with the most rigorous standards set by governments, institutions, banks, and federal reserves. As a regulated custodian, Tungsten aims to instil confidence in institutions investing in digital assets, including cryptocurrency.

Arvind Ramamurthy, Chief of Market Development at ADGM, remarked, “We extend our congratulations and welcome to Tungsten to Abu Dhabi’s international financial centre, ADGM. As the continually evolving digital asset space necessitates regulatory controls to safeguard investors, it also requires risk management services that enable secure understanding and investment. Tungsten's concept revolves around this, enabling it to seize opportunities within this industry. Serving as custodian of virtual assets, Tungsten’s offerings, alongside ADGM’s vibrant ecosystem and progressive regulations for digital assets, will empower investors and uphold market integrity with robust solutions."

Chris Desjardins, Tungsten Founder and Senior Executive Officer, stated: “Digital assets present unparalleled opportunities across generations, yet the foundation of realising their potential lies in establishing a trusted investment environment. The UAE leads in this transformation, crafting a robust framework for digital assets that not only establishes a global benchmark but also positions it as a pioneering force in the finance sector of tomorrow. Our immense pride stems from being developed and regulated within the UAE, a testament to our commitment to excellence and innovation in this dynamic landscape.”

Tungsten offers secure, regulated custody to enable clients to confidently invest in digital assets. Led by Chris Desjardins, an industry veteran with extensive knowledge and experience in building and advancing digital assets and cryptocurrency solutions, Tungsten sets an unparalleled standard for digital asset custody.

Tungsten remains independent and segregated from other digital asset services, focusing solely on safeguarding clients’ digital assets rather than trading crypto assets. The business ensures secure online and offline procedures, including bank-grade physical vaults, enterprise-grade wallet management, and world-class network hardware. Additionally, clients benefit from strong governance and extensive insurance coverage, providing utmost reassurance to institutional investors.

Throughout 2024, Tungsten will expand customer acquisition efforts, catering to increasing demand from regional institutional investors, family offices, asset managers, and high-net-worth individuals (HNWIs). The team will also strategically recruit across key functions and invest in technology to bolster its world-class security.