UAE-based custody solutions provider Tungsten has secured a licence from the Financial Services Regulatory Authority (FSRA) to operate at the Abu Dhabi Global Market (ADGM).

Tungsten provides secure, regulated digital assets custody for institutional investors.

Over 2024, Tungsten plans to add customers, catering to a growing demand from regional institutional investors, family offices, asset managers, and high-net-worth individuals (HNWIs), it said in a statement on Tuesday.

The team also plans to make strategic hires across key functions and invest in technology.

(Writing by Brinda Darasha; editing by Seban Scaria)