BNY Mellon has partnered with Finstreet Limited and the ADI Foundation to launch institutional digital asset custody in Abu Dhabi. The service will sit in Abu Dhabi Global Market, the emirate’s main international financial center and crypto hub. The goal is to give UAE institutions a regulated, scalable way to hold crypto assets under familiar standards.
Finstreet is a digital market infrastructure firm backed by Abu Dhabi’s International Holding Company through Sirius International Holding. ADI Foundation runs sovereign-grade blockchain infrastructure under the ADI Chain banner. By combining these local platforms with BNY Mellon’s established digital asset custody business, the group aims to localize and upgrade crypto custody from within the UAE.
What the Partnership Will Offer Clients
The new setup will start by focusing on custody for major cryptocurrencies such as bitcoin and ether. BNY says clients will get a fully localized custody stack that meets UAE rules while still connecting to its global systems. Over time, the partners expect to expand into stablecoins and tokenized assets as regulatory frameworks and client demand develop.
Finstreet will contribute its digital market ecosystem, including tools to plug custody into trading, settlement, and other capital markets pipes. ADI Foundation will provide ADI Chain and related “sovereign-grade” infrastructure that Abu Dhabi wants to use as a base layer for digital finance. BNY will layer its asset servicing, risk controls, and reporting on top, drawing on experience running a U.S. digital asset custody platform since 2022.
Why BNY Mellon Is Expanding in the UAE Now
BNY already oversees more than 55 trillion dollars in assets under custody and administration. It is the largest custodian bank in the world. In 2022, it introduced cryptocurrency custody for a limited group of U.S. clients.
The bank says strong customer demand has pushed it to expand that service to new regions. After it obtained a Category 4 license in ADGM, Abu Dhabi became a logical next step.
Local regulators have positioned ADGM as a hub for regulated digital assets. It has clear rules for exchanges, custodians, and tokenization projects.
By basing its Middle East digital asset business there, BNY can serve regional institutions that want crypto exposure. Those clients also need a globally recognized custodian and a clear legal framework. The partnership lets BNY scale up in the UAE without building all the local infrastructure itself.
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