Dakai

Case Study

Tungsten

About Tungsten

Tungsten was a Further Ventures Abu Dhabi portfolio company building institutional-grade digital asset custody infrastructure within Abu Dhabi's ADGM regulatory framework. Regulated by the ADGM Financial Services Regulatory Authority, the platform served institutional investors, crypto miners, and trading firms with bank-grade cold storage, round-the-clock withdrawals, and support for over 70 digital assets. In a space where security, compliance, and reliability are non-negotiable, Tungsten needed a technology partner capable of delivering a platform that could withstand institutional scrutiny and regulatory examination.

The Situation

Tungsten needed to build a fully compliant custody platform from the ground up. One capable of interfacing seamlessly with existing institutional systems while meeting ADGM's rigorous regulatory standards. The platform had to deliver military-grade hardware security module (HSM) integration, multi-signature approvals, comprehensive identity verification, address whitelisting, velocity controls, and customisable user policies, all within a responsive client portal. This demanded deep expertise across secure architecture, complex system integration, and intuitive interface design, delivered at a pace that matched the ambitions of a venture-backed startup in one of the fastest-moving regulatory environments in the region.

The Results

Dakai delivered a responsive, institutional-quality web application that seamlessly interfaced with Tungsten's existing systems and provided their clients with an advanced digital asset custody experience. The platform achieved full ADGM compliance and FSRA regulatory approval, giving Tungsten the credibility to operate at an institutional level and serve sophisticated clients across the region.

The quality of the product and underlying technology ultimately contributed to Tungsten's acquisition by Zodia Custody in June 2025, a global institution-first digital assets platform. Zodia specifically cited the value of Tungsten's ADGM licensing and operational infrastructure as central to the deal, calling it a pivotal step in their global expansion into the Middle East.

The Technical Details

Secure Architecture

Designed and implemented a custody infrastructure built to institutional security standards, integrating hardware security modules (HSMs) with multi-signature approval workflows under ADGM regulatory requirements

System Integration

Built a responsive web application interfacing seamlessly with multiple existing systems, third-party services, and institutional-grade security protocols including address whitelisting, velocity controls, and comprehensive identity verification

Code Quality

Delivered clean, idiomatic code with comprehensive testing practices, precise naming conventions, and meticulously organised front-end architecture

Continuous Availability

Maintained dedicated leadership and team accessibility throughout the engagement, ensuring critical decisions were never blocked

Client Testimonial

"Their commitment to excellence shines in their clean, idiomatic code and comprehensive testing practices, emphasising precise naming conventions, understandable functions, and meticulously organised front-end design."

Christian Desjardins, Founder & CEO of Tungsten

Client Testimonial

Christian Desjardins, Founder & CEO of Tungsten

Looking Ahead

The platform Dakai built became the foundation of a successful acquisition by Zodia Custody, proving that a production-grade product delivered at startup speed can hold up under institutional due diligence from some of the world's largest financial institutions. Further Ventures, who incubated Tungsten from inception, joined Zodia Custody's cap table as part of the deal, a testament to the enduring value of what was built.