BNY eyes institutional Bitcoin, Ethereum custody for investors in UAE

BNY is partnering with Finstreet and ADI Foundation to offer regulated Bitcoin and Ethereum custody to UAE clients from the Abu Dhabi Global Market.

BNY has partnered with Abu Dhabi-based Finstreet and ADI Foundation to develop institutional digital asset custody services for clients in the United Arab Emirates.

The initial focus is on Bitcoin and Ether custody for Finstreet’s existing clients, with plans to later extend to ADI Foundation’s blockchain infrastructure, the world’s largest custodian said in a Thursday announcement. The companies said they intend to expand the product scope to include stablecoins, tokenized real-world assets and other regulated digital instruments, though no timeline was given.

“BNY is uniquely positioned to connect traditional and digital financial ecosystems,” Hani Kablawi, executive vice chair at BNY, said. BNY claimed it is the first US global systemically important bank to offer digital asset custody.

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