BNY Mellon Launches Crypto Custody Services in Abu Dhabi
- BNY Mellon will offer crypto custody for Bitcoin and Ethereum in the Abu Dhabi Global Market (ADGM).
- The firm has partnered with Finstreet Limited and ADI Foundation to enhance crypto custody services.
- BNY Mellon manages $59.4 trillion in assets, making it the world’s largest custodian.
- Plans include expanding services to stablecoins, tokenized real-world assets, and other regulated digital instruments.
- Following the announcement, Bitcoin’s price rose to $81,550 and Ethereum’s price reached approximately $2,340.
This initiative aligns with the UAE’s goal of becoming a global hub for digital finance, integrating traditional finance with the crypto industry. The collaboration aims to provide secure and compliant custody solutions tailored for local needs.
As BNY Mellon begins its crypto custody services focusing on Bitcoin and Ethereum, it marks a significant step in enhancing Abu Dhabi’s position in the digital asset landscape.
