BNY is partnering with Finstreet and the ADI Foundation on a regulated digital asset custody initiative in Abu Dhabi.
Operating within the ADGM, the collaboration will initially focus on providing custody for Bitcoin and Ethereum for clients within Finstreet’s digital market ecosystem.
Finstreet is a subsidiary of the International Holding Company (IHC) through Sirius International Holding. The ADI Foundation operates as an Abu Dhabi-based blockchain infrastructure organisation.
The companies plan to eventually expand the custody offering to the ADI Foundation’s blockchain network to support stablecoins, tokenised real-world assets, and other regulated digital instruments.
The partnership aims to connect BNY’s institutional custody capabilities with Abu Dhabi’s growing digital finance infrastructure, giving UAE clients a localised platform for digital asset management.
“This strategic collaboration is an important step in further cementing Abu Dhabi’s place as a global digital asset hub,”
said Ajay Bhatia, Principal Council Member, ADI Foundation.
“The UAE is entering a new phase of financial development, characterised by deeper markets, greater digital sophistication and stronger global connectivity,”
said Hani Kablawi, Executive Vice Chair, BNY.
He added that the bank is focused on connecting traditional and digital financial ecosystems.
The announcement follows IHC’s recent approval from the Central Bank of the UAE (CBUAE) to launch DDSC, a dirham-backed stablecoin designed for institutional payments and settlement.
Featured image credit: BNY press release
