BNY Mellon offers digital asset custody in UAE with ADI Foundation and Finstreet
US financial services giant Bank of New York Mellon Corp (NYSE:BK), better known as BNY, will be offering regulated, scalable, institutional grade digital asset, crypto custody with the support of Finstreet, a digital market infrastructure group, part of UAE’s IHC Holding, and ADI Foundation, the Abu Dhabi sovereign grade blockchain organization.
The institutional custody services will be offered out of ADGM after receiving all regulatory approvals from FSRA. As per the press release, the initiative seeks to localize and elevate custody services from Abu Dhabi and accelerate the adoption of digital assets by UAE clients through this localized, secure, scalable and compliant solution.
Initially BNY Mellon will be offering Bitcoin and Ethereum custody services for Finstreet’s clients and ecosystem. Later on they will explore extending this offering to ADI Foundation’s underlying blockchain rails.
Ajay Bhatia, Principal Council Member at ADI Foundation said, “This strategic collaboration is an important step in further cementing Abu Dhabi’s place as a global digital asset hub. By combining the strength of Abu Dhabi’s advanced regulatory clarity with BNY’s globally recognized financial expertise and capabilities, ADI Chain, our sovereign-grade digital infrastructure, will unlock new opportunities in custody, trade finance, and lending from Abu Dhabi to the world.”
Hani Kablawi, Executive Vice Chair at BNY Mellon added that the UAE is entering a new phase of financial development which is characterized by deeper markets and greater digital sophistication.
He noted, ” With our world-class capabilities and scale across capital markets, BNY Mellon is uniquely positioned to connect traditional and digital financial ecosystems in collaboration with our clients. Together with IHC and its subsidiaries Finstreet and ADI Foundation, we are proud to be building the financial infrastructure for the future and unlock new capabilities in the region and beyond.”
Akshay Mahajan, Co-Founder & Group Director of Finstreet commented, “With this strategic collaboration, Finstreet is expanding access to digital assets and blockchain technology as a trusted operating system for global markets. As the primary access point for digital securities, Finstreet is the global gateway to Abu Dhabi’s financial ecosystem. This will help Abu Dhabi to continue to lead as a global center for digital financial solutions.”
