Tungsten, the first UAE-built and regulated digital asset custody platform, has officially launched after receiving a license from the Financial Services Regulatory Authority (FSRA) to operate at the Abu Dhabi Global Market (ADGM). This launch caters to the growing demand from institutional investors in the region seeking secure storage for their digital assets.
The UAE has seen a surge in digital asset adoption, with over US$23 billion in institutional investment transactions over a 12-month period ending July 2023. Tungsten aims to address the challenges faced by these investors, who often struggle with managing the complexity and security risks associated with digital assets in-house.
“Tungsten’s state-of-the-art security systems and rigorous controls are designed to meet the most stringent global standards,” said Arvind Ramamurthy, Chief of Market Development at ADGM. “Their services, combined with ADGM’s progressive regulations, will empower investors and ensure market integrity.”
Tungsten is led by industry veteran Chris Desjardins, who brings extensive experience in building and growing digital asset solutions. The company is independent and segregated from other digital asset services, focusing solely on secure custody. This includes secure online and offline storage solutions, robust governance practices, and high insurance coverage.
“Tungsten is proud to be a UAE-built and regulated platform, reflecting our commitment to excellence and innovation,” said Chris Desjardins, Tungsten Founder and Senior Executive Officer. “The UAE is at the forefront of the digital asset revolution, and Tungsten will play a key role in fostering a trusted investment environment for institutions.”
Tungsten plans to scale its operations throughout 2024, targeting regional institutional investors, family offices, asset managers, and high-net-worth individuals. They will also be making strategic hires and further investing in technology to solidify their world-class security infrastructure.
