BNY, world's largest custody bank, expands crypto services in Abu Dhabi
Key takeaways
- The initiative will initially focus on custody services for cryptocurrencies including bitcoin BTC$81,066.72 and ether (ETH), with plans to later expand into stablecoins and tokenized assets, the press release said.
- "With our world-class capabilities and scale across capital markets, BNY is uniquely positioned to connect traditional and digital financial ecosystems in collaboration with our clients."
- BNY’s move reflects a broader push by major financial institutions to bring blockchain technology into mainstream markets beyond crypto trading.
According to a Thursday press release, the global financial services giant is working with Finstreet and ADI Foundation to build regulated digital asset infrastructure anchored in Abu Dhabi Global Market (ADGM), the financial free zone in Abu Dhabi that has become a hub for crypto firms and blockchain projects entering the Middle East region.
The initiative will initially focus on custody services for cryptocurrencies including bitcoin BTC$81,066.72 and ether (ETH), with plans to later expand into stablecoins and tokenized assets, the press release said.
"The UAE is entering a new phase of financial development, characterized by deeper markets, greater digital sophistication and stronger global connectivity," Hani Kablawi, executive vice chair at BNY, said in a statement. "With our world-class capabilities and scale across capital markets, BNY is uniquely positioned to connect traditional and digital financial ecosystems in collaboration with our clients."