"BNY expands crypto custody business" May 07, 2026
Thursday, 7 May 2026 · 1 min read · Listen to the episode ↗
BNY is expanding its crypto custody services in the UAE, emphasizing its leadership in the asset management space amid rising demand for Bitcoin and Ether custody. The cryptocurrency market reflects significant activity, with Bitcoin at $81,425. Additionally, Pantera Capital notes the growing tokenization market, primarily driven by stablecoins, which dominate market value despite its immaturity. Meanwhile, a high-profile sentencing highlights ongoing security challenges in the crypto space.
BNY is expanding its crypto custody services into the UAE through a partnership with Fin Street and ADI Foundation, focusing on Bitcoin and Ether custody. As the largest custodian bank, BNY manages $59 trillion in assets and serves over 90% of Fortune 100 companies, positioning itself to meet the growing demand for crypto services.
The current cryptocurrency market shows Bitcoin priced at $81,425 and Ethereum at $2,338. American Bitcoin, co-founded by Eric Trump, reported an $82 million net loss in Q1 due to decreased mining revenue and high operating expenses, despite mining a record 817 Bitcoin and acquiring an additional 803 Bitcoin, bringing its total to over 7,000 Bitcoin.
Pantera Capital highlights the $321 billion tokenization market as growing but still immature, with an average maturity score of 2 out of 5 for 542 tokenized assets evaluated across 11 asset classes. The number of tokenized asset launches more than doubled in 2025, with a market value increase of about 60%. Stablecoins dominate this market, comprising approximately $293 billion, or 92%, of the total tracked value, noted for their significant on-chain utility.
In a separate incident, Marlon Farrow was sentenced to 78 months in prison for his role in a social engineering conspiracy that stole over $250 million in crypto assets, employing tactics such as hacking and residential burglary. Farrow was arrested in May 2025 and pleaded guilty to conspiracy charges in October 2025.
This summary was generated from the episode transcript and can contain mistakes.