BNY Expands Crypto Custody Push to Abu Dhabi as UAE’s Digital Asset Race Heats Up

The post BNY Expands Crypto Custody Push to Abu Dhabi as UAEs Digital Asset Race Heats Up appeared first on Coinpedia Fintech News  BNY, the worlds largest custodian bank with nearly $59 trillion in assets under custody and administration, is making a bigger move into crypto. The Wall Street giant is expanding its digital asset custody business into Abu Dhabi through partnerships with Finstreet and ADI Foundation.  As per the report, the new initiative will operate inside Abu Dhabi Global Market (ADGM), one of the Middle Easts fastest-growing crypto and blockchain hubs. Initially, the focus will be on custody services for Bitcoin and Ethereum, but the plan is to later expand into stablecoins and tokenized assets.  BNY Is Going Bigger on Crypto  This is another sign that traditional finance is moving deeper into blockchain infrastructure. BNY was already the first major U.S. global systemically important bank to launch digital asset custody services, and now it‘s taking that business into one of the world’s most crypto-friendly regions.  Hani Kablawi, Executive Vice Chair at BNY, said the UAE is entering a “new phase of financial development” driven by stronger digital connectivity and deeper capital markets. According to him, BNY wants to help connect traditional finance with digital

05-07

Morgan Stanley and Charles Schwab are rushing into crypto: what do they see coming?

The cumulative net inflows of US-traded spot Bitcoin ETFs has reached roughly $59.7 billion, with BlackRocks IBIT alone holding $66.7 billion in assets.  Morgan Stanley and Charles Schwab are now pushing direct crypto trading into ordinary brokerage accounts. The driver is that both firms can already see demand within their own client base, with clients executing trades elsewhere.  Charles Schwabs clients hold about 20% of US spot crypto exchange-traded products, which helps explain the timing. Demand is already concentrated inside Schwabs franchise, and every trade those clients execute on Coinbase or Robinhood is revenue and behavioral data leaving the brokerage.  Morgan Stanley faces the same math as E*Trades 8.6 million self-directed clients, who generated 1.029 million average daily revenue trades in 2025 through a channel holding $1.67 trillion in assets.  The ETF era created a specific problem for both firms, as the products gave clients Bitcoin exposure inside familiar accounts, while spot trading, execution, and account stickiness went elsewhere.  A Schwab client who holds IBIT and then trades spot Bitcoin on Coinbase is splitting their financial life in two. Schwab gets assets under management, and Coinbase gets the trading relationship.  An infographic highlights four client metrics, including Schwabs 20% share of U.S. spot crypto ETPs, showing

05-07

Billions Network Price Prediction: Bill Jumps 43% as Binance Leverage Launch Fuels $0.080 Breakout Momentum

Billions Networks native token, Billions Network ($BILL), continued its explosive rally on Wednesday after traders reacted to fresh exchange activity and expanding derivatives exposure.  The token climbed more than 43% within 24 hours and traded near $0.076 after briefly touching the $0.080 region. Daily trading volume also surged above $364 million, highlighting aggressive market participation following the projects growing visibility across major platforms.  The latest momentum arrived ahead of Binances planned launch of $BILL perpetual contracts with up to 20x leverage. Consequently, traders increased speculative positioning as expectations for higher liquidity strengthened across the market. The derivatives listing also intensified retail interest, especially after $BILL gained traction through recent exchange integrations, including Coinbase.  JUST IN: Binance to list $BILL perpetual contract with up to 20x leverage at 16:15 UTC today. Billions Network aims to verify real individuals without exposing data. Could signal increased retail and derivative interest in $BILL $BILL pic.twitter.com/lSpdozOLib  — Bpay News (@bpaynews) May 7, 2026  Billions Network focuses on digital identity verification while protecting user privacy. Moreover, the project aims to confirm unique human participation without exposing personal information. That narrative has attracted attention during a period of rising interest in decentralized identity infrastructure.  Bullish Structure Remains Intact  $BILLs technical structure continues favoring buyers

05-07

Bitcoin price reclaims $81K as Iran says U.S. peace proposal “under review”

Bitcoin price rebounded back above $81,000 as investor risk-on sentiment improved after Iran signalled that it was reviewing a U.S. proposal to end the war between the two nations.  After falling over 2.3% from a 4-month high of $82,751 on Wednesday to an intraday low of $80,771, Bitcoin (BTC) price rebounded back above $81,500 at press time.  The bellwether reclaimed the $81K figure as oil prices continued to drop for the third straight day, as the U.S. and Iran made more progress toward a peace deal currently “under review” that aims to bring a permanent end to the war between the two nations and ease disruptions at the Strait of Hormuz.  Reports indicate that Iran is mulling over the peace deal presented by the U.S. through Pakistani intermediaries and is expected to provide a formal response within the coming days. The one-page memorandum of understanding includes a comprehensive framework for a ceasefire and the restoration of trade routes. However, it excludes sensitive discussions surrounding Irans nuclear program, which would reportedly take place at a later date.  Despite the growing optimism, U.S. President Donald Trump clarified that a deal has not yet been finalized, adding that the U.S. would continue with its attacks on Iran

05-07

Hackers Drain Nearly $6 Million in ETH and BTC from Trusted Volumes

Bitcoin Ethereum  Hackers Drain Nearly $6 Million in ETH and BTC from Trusted Volumes  The decentralized finance (DeFi) sector has just endured yet another multi-million-dollar breach.  According to alerts from prominent blockchain security firms SlowMist and PeckShield, hackers managed to drain approximately $5.9 million in Ethereum, Wrapped Bitcoin (WBTC), and stablecoins from trading protocol Trusted Volumes.  This has happened due to a fundamental flaw in the protocols core signature validation logic. The flaw has made it possible for the attacker to bypass authorization checks and forge trading orders.  Zcash (ZEC) Is Crypto‘s Number One, Toncoin (TON) Dwarfs Solana (SOL), XRP Finally Breaks Key Resistance, but What’s Early: Crypto Market Review  Bollinger‘s Model Says ’Buy Bitcoin  A fatal flaw  Trusted Volumes is a DeFi trading protocol built upon a Request for Quote (RFQ) architecture. They operate similarly to decentralized Over-The-Counter (OTC) desks.  An RFQ system facilitates peer-to-peer trading, which sets it apart from traditional Automated Market Makers (AMMs) like Uniswap.  A “taker” requests a price quote, and a “maker” offers a firm price. Both parties cryptographically sign the order, and the smart contract settles the swap. Users have to grant the protocol broad approval to move their funds. Hence, flawless cryptographic signature verification is essential for the security of an RFQ

05-07

XRP (XRP) Price: Technical Patterns Signal Potential Rally to $2.64

Tech  XRP (XRP) Price: Technical Patterns Signal Potential Rally to $2.64XRP is currently trading between $1.43 and $1.45, showing a 1.2% increase over the past dayCritical resistance zone identified at $1.44–$1.50, while support maintains around $1.35Technical analysts have spotted a Gartley harmonic formation with a price objective of $2.64A symmetrical triangle pattern is forming on the daily timeframe, suggesting an imminent volatility expansionMarket analyst EGRAG CRYPTO identifies $2.30 as the first breakout target following resistance clearance  XRP continues to trade within a tight consolidation zone as multiple technical formations converge, drawing increased attention from market analysts anticipating a decisive price movement.  XRP Price  The digital asset, recognized for facilitating efficient cross-border transactions with minimal fees and rapid settlement times, is presently fluctuating between $1.43 and $1.45. While the token has registered a modest 1.2% gain in the previous 24-hour period, the developing technical patterns on its charts are capturing significant market interest.  Price action has maintained stability above the middle Bollinger Band on the daily timeframe. This level has functioned as reliable dynamic support, maintaining bullish market structure for the time being. The upper Bollinger Band, positioned around $1.46–$1.47, represents the next immediate resistance hurdle.  The MACD indicator shows gradual momentum accumulation. Although a definitive breakout

05-07

Academy Awards bans AI performances from Oscars eligibility

Tech  Academy Awards bans AI performances from Oscars eligibility  The Academy of Motion Picture Arts and Sciences, the United States-based honorary organization behind the Academy Awards, on Friday published new rules stating that artificial intelligence-generated performances and screenplays will not qualify for Oscars.  On May 1, the Academy announced several significant rule changes for the 99th Oscars, scheduled for March 2027, including two notable additions that address the controversial topic of AI.  Specifically, for all the acting categories, only roles “credited in the film‘s legal billing and demonstrably performed by humans with their consent” will be considered eligible; while in the writing categories—namely, ’best adapted screenplay‘ and ’best original screenplay—the Academy stated that “the rules codify that screenplays must be human-authored to be eligible.”  Other prominent categories, such as ‘best director,’ ‘best cinematography,’ and ‘best film editing,’ were presumably deemed beyond the capabilities of current AI, and thus no new rules were added regarding their use. However, for ‘best visual effects,’ a category in which AI can, and already is being applied, the Academy chose not to officially prohibit work that uses the technology.  A previous iteration of the rules, published by the Academys Board of Governors on April 23, was more lenient to AI, stating

05-07

Grayscale adds ENA and removes AERO in Q1 fund rebalance

Grayscale Investments completed its Q1 2026 review of the Grayscale Decentralized Finance Fund and the Grayscale Smart Contract Fund. Grayscale added ENA to its DeFi Fund after removing AERO in the latest quarterly rebalance.UNI and AAVE remain the funds largest holdings, while ENA entered as fourth-largest component overall.Smart Contract Fund kept ETH and SOL leading its basket, with ADA holding third place.  The update changed the DeFi Funds holdings and adjusted the Smart Contract Fund based on its existing basket.  The DeFi Fund removed Aerodrome Finance and added Ethena. Grayscale said it sold AERO and other fund components in line with their weights, then used the proceeds to buy ENA. The change followed the CoinDesk DeFi Select Index method.  UNI and AAVE remain top holdings  As of May 1, the DeFi Fund held Uniswap at 35.22%, Aave at 21.36%, Ondo at 19.83%, Ethena at 13.59%, Curve at 5.27%, and Lido DAO at 4.73%. ENA entered the fund as its fourth-largest holding.  The fund now gives larger weight to decentralized exchanges, lending, tokenized assets, and synthetic dollar infrastructure. Ethena is known for USDe, its synthetic dollar product, while Ondo gives the fund exposure to tokenized finance through its existing allocation.  Crypto.news recently reported that ENA will unlock

05-07

Ethereum (ETH) Struggles at $2,400 Despite $260M in ETF Inflows — What’s Holding It Back?

Ethereum  Ethereum (ETH) Struggles at $2,400 Despite $260M in ETF Inflows — Whats Holding It Back?Spot Ethereum ETFs accumulated $260 million in net inflows across three consecutive trading sessionsTreasury firm BitMine potentially acquired an additional 40,000 ETH mid-weekUS-based retail crypto demand remains subdued according to Coinbase Premium Index dataMajor holder transferred 166,023 ETH to Binance exchange, intensifying sell pressureKey technical resistance positioned at the 20-week EMA near $2,438  Ethereum is currently hovering near $2,350 following an unsuccessful attempt to sustain momentum above the $2,420 threshold. Price action slipped beneath a key bullish trend line positioned at $2,365 on the 1-hour timeframe and continues to trade under the 100-hour Simple Moving Average.  Ethereum (ETH) Price  US-listed spot Ethereum exchange-traded funds registered $97.5 million in net positive flows on Tuesday. This contribution elevated the three-day accumulation to approximately $260 million, effectively offsetting the withdrawals observed during the earlier portion of last week.  The month of April demonstrated robust performance for ETH ETF products, concluding with a 10-day consecutive inflow streak that delivered $355 million in cumulative net positive flows.  Source: SoSoValue  Market observer Ted (@TedPillows) highlighted that ETH is attempting to pierce through the $2,400 threshold, suggesting that a successful breakout might propel Ethereum into the $2,500–$2,600 range. However,

05-07

BNY Mellon to Launch Bitcoin and Ethereum Crypto Custody in UAE

Wall Street giant BNY Mellon (now BNY) will offer crypto asset custody in Abu Dhabi, the UAE, the global financial services company announced on Thursday. It will initially launch Bitcoin and Ethereum crypto custody services, with plans of expanding to stablecoins, tokenized real-world assets, and other regulated digital instruments.  BNY Mellon Expands Crypto Custody to the UAE  BNY Mellon announced a strategic collaboration with Finstreet Limited and ADI Foundation to offer crypto custody in the Abu Dhabi Global Market (ADGM), according to a press release on May 7.  The worlds largest custodian, with $59.4 trillion in assets under custody, and the first U.S. global systemically important bank (G-SIB) to offer crypto custody in the region. The collaboration aims to boost crypto custody in the UAE and offers access to fully localized, secure, compliant, and scalable crypto custody services.  BNY will integrate Finstreet‘s advanced digital market ecosystem with ADI Foundation’s sovereign-grade blockchain infrastructure. It aligns with the UAEs push to become a global hub for digital finance.  “This strategic collaboration is an important step in further cementing Abu Dhabis place as a global digital asset hub,” said Ajay Bhatia, Principal Council Member at ADI Foundation.  Focus on Bitcoin, Ethereum, Stablecoins, and RWA Tokenization  BNY Mellon will initially focus

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