BNY Expands Digital Asset Custody Services to UAE
- BNY, the world’s largest custodian bank with $59 trillion in assets, is entering the UAE market.
- The initiative will partner with Finstreet and ADI Foundation to establish digital asset infrastructure in Abu Dhabi Global Market (ADGM).
- Initial focus will be on custody services for Bitcoin and Ethereum, with plans to include stablecoins and tokenized assets later.
- Hani Kablawi, BNY’s executive vice chair, emphasized the UAE’s evolving financial landscape characterized by digital sophistication.
- The Gulf region is rapidly becoming a hub for digital asset finance, attracting various crypto firms under supportive regulatory frameworks.
BNY’s expansion into the UAE aligns with a growing trend among major financial institutions to integrate blockchain technology into traditional finance systems. This move highlights the region’s potential as a center for digital asset innovation.
With BNY overseeing $59 trillion in assets, its entry into the UAE signifies a significant step towards mainstream adoption of digital assets in traditional finance sectors.(Source)
