BNY expands crypto custody to Abu Dhabi
6.6 Banking BNY is expanding digital asset custody to Abu Dhabi with Finstreet and ADI Foundation, starting with bitcoin and ether, and planning to add stablecoins and tokenized assets at ADGM.
BNY, the world’s largest custodian bank with around $59 trillion in assets, is expanding its digital asset custody services to Abu Dhabi. This expansion is made possible through partnerships with Finstreet and the ADI Foundation. The initiative will be based in the Abu Dhabi Global Market (ADGM), a financial free zone known as a hub for crypto firms and blockchain projects in the Middle East. Initially, BNY will offer regulated custody for major cryptocurrencies such as bitcoin and ether, with plans to include stablecoins and tokenized real-world assets in the future. By leveraging Finstreet’s market infrastructure and the ADI Foundation’s blockchain platform, ADI Chain, the collaboration aims to provide UAE institutions with a regulated and scalable way to hold digital assets. This move underscores the UAE’s ambitions to become a global center for tokenized finance and highlights the growing involvement of traditional financial institutions in the digital asset sector.
