BNY has partnered with crypto financial services firm Galaxy to add staking capabilities to its digital asset custody platform, the companies announced on Tuesday.
Galaxy will provide the staking infrastructure and serve as a design partner for the digital asset platform. The new service will allow eligible institutional clients to stake digital assets held in custody through the BNY platform, pending regulatory approval.
The partnership aims to combine custody, staking, reporting, and tax services into a single offering for institutional clients. The companies did not specify which digital assets will be supported in the staking service.
Expansion of digital asset services
BNY, formerly known as Bank of New York Mellon, has been expanding its digital asset business since launching crypto custody services in 2022. The institution was among the first major financial institutions to offer regulated custody for cryptocurrencies such as Bitcoin and Ether.
Beyond custody, BNY recently stated it is shifting its core transfer agency record-keeping onto blockchain technology to create a single onchain ownership ledger. The bank also plans to begin testing tokenized Treasuries on a private blockchain before the end of this year, with plans to introduce around-the-clock settlement for traditional and tokenized U.S. Treasuries in 2027.
Amount of assets BNY oversees in custody and administration.
