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