The Bank of New York Mellon (BNY) is expanding its crypto custody business to the UAE, as the Wall Street banking giant continues its push into the crypto sector.
In a statement released Thursday, BNY said it has partnered with Finstreet and ADI Foundation to offer institutional-grade crypto custody services in the Abu Dhabi Global Market.
Through the partnership, the trio plans to initially support bitcoin and ether custody for Finstreet's clients, and will later explore an extension to ADI Foundation's underlying blockchain rails.
"This marks a first step in Finstreet and ADI Foundation's ambitions to progressively expand product scope to include stablecoins, tokenized real-world assets, and other regulated digital instruments," the statement said.
Hani Kablawi, executive vice chair at BNY, said that the UAE is entering a "new phase of financial development," and that the bank is prepared for "building the financial infrastructure for the future and unlocking new capabilities in the region and beyond."
BNY's move into the UAE reflects the world's largest custodian bank's ambition to expand its presence in the crypto industry. In January, BNY launched its tokenized deposit service for institutional clients. Last month, real-world asset tokenization platform OpenEden also issued the first tokenized product tied to a high-yield bond strategy managed by BNY Investments.
BNY, which serves over 90% of Fortune 100 companies, oversaw $59.4 trillion in assets under custody or administration as of March 31, 2026, according to the statement. The bank also had $2.1 trillion in assets under management.