BNY partners with Finstreet and others to establish crypto custody infrastructure in Abu Dhabi

Techub News, according to Bitcoinist, BNY, the world's largest custodian bank, announced a strategic partnership with Finstreet Limited and the ADI Foundation to establish a regulated institutional-grade digital asset custody infrastructure in the Abu Dhabi Global Market. This collaboration marks the first time a U.S. global systemically important bank has introduced crypto custody services to the UAE. The initial phase supports Bitcoin and Ethereum custody, with plans to later expand to stablecoins and tokenized real-world assets.

BNY has provided digital asset custody services for select U.S. clients since 2022 and obtained an ADGM Category 4 license prior to this expansion. Finstreet will provide the digital market ecosystem and trading infrastructure, while the ADI Foundation will offer sovereign-level blockchain support through its Layer 2 blockchain, ADI Chain. This partnership remains subject to final agreements and regulatory approvals.