The global custodian BNY Mellon has officially commenced institutional-grade custody services for Bitcoin and Ether within the Abu Dhabi Global Market (ADGM). This marks a significant step for the world’s largest custodian bank, which manages nearly $60 trillion in assets, as it expands its digital asset offerings in the Middle East. The service is initially available for Bitcoin and Ethereum, with plans to include stablecoins and tokenized real-world assets after receiving the necessary regulatory approvals.
To execute this initiative, BNY Mellon has partnered with Finstreet Limited and the ADI Foundation. Finstreet, a digital market infrastructure firm and operator of a multilateral trading facility based in Abu Dhabi, along with ADI Foundation, a provider of sovereign-grade blockchain infrastructure, will deliver the operational framework. BNY Mellon contributes its extensive global custody expertise, creating a robust solution for institutional clients in the region.
This development aligns with Abu Dhabi’s ambition to become a leading hub for digital assets, offering a regulated environment that attracts major financial institutions. The custody service provides segregated storage and governance for Bitcoin and Ether, allowing funds, banks, and family offices to securely hold these assets without the complexities of private key management. As the platform evolves, it aims to support a wider range of digital assets, reflecting the growing convergence of traditional finance and blockchain technology.