BNY, the world’s largest custody bank with about $59 trillion in assets, is expanding its crypto business into the Middle East with a new project in Abu Dhabi.
The bank said it is teaming up with local firms Finstreet and ADI Foundation to build regulated digital asset infrastructure in Abu Dhabi Global Market (ADGM). ADGM has quickly become a major hub for blockchain and crypto companies in the Middle East.
At first, the project will focus on custody services for major cryptocurrencies like Bitcoin and Ether. The bank also plans to expand into stablecoins and tokenized assets as demand for blockchain finance grows.
BNY’s move shows how fast the Gulf region is becoming a key player in digital finance. Abu Dhabi and Dubai have spent years building crypto-friendly rules to attract big investors while keeping strong oversight.
BNY’s involvement matters because it was one of the first major U.S. banks to offer digital asset custody services. This latest move shows that traditional finance now sees crypto as a key part of future financial systems, not just a side project.
Tokenization is becoming a major focus for global institutions. Banks and tokenization are now a big focus for global institutions. Banks and asset managers think blockchain-based versions of bonds, stocks, and funds could speed up settlements, reduce costs, and make collateral management easier. Initiatives. Recent plans for a regulated dirham-backed stablecoin have added further momentum to the region’s ambitions to become a global blockchain hub.
As more institutions worldwide adopt crypto, BNY’s expansion into Abu Dhabi signals a broader shift in traditional finance.
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