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BNY adds staking via Galaxy
BNY, formerly known as Bank of New York Mellon, is set to add staking services to its cryptocurrency custody platform through a partnership with Galaxy Digital.
“BNY to add crypto staking to digital asset custody platform”
The service will let institutional clients earn staking rewards on their digital assets without moving them to an external provider, and it is subject to regulatory approval.
CoinDesk said BNY selected Galaxy to provide staking infrastructure as it broadens services for institutional crypto investors, with the new service allowing clients to stake digital assets held in custody through BNY’s platform.
The partnership also positions Galaxy as a design partner as BNY expands its blockchain-based services, with staking described as locking up tokens to help secure proof-of-stake networks in exchange for rewards.
Custody, reporting, and oversight
The collaboration integrates staking capabilities into BNY’s Digital Asset Custody platform, combining Galaxy’s proof-of-stake expertise with BNY’s custody services for institutional clients.
Pluang said the partnership aims to provide a secure, streamlined experience for institutions to earn rewards on eligible digital assets, with the collaboration also involving Galaxy acting as a design partner to improve BNY’s digital asset platform infrastructure.
CoinDesk described the service as letting institutional clients earn staking rewards without moving assets outside BNY’s custody, pending regulatory approval.
Cointelegraph said the arrangement combines custody, staking, reporting and tax services into a single offering for institutional clients, while the companies did not specify which digital assets will be supported.
Banking firms move beyond custody
TradingView said Wells Fargo and BNY are “Double Down On Digital Assets” as banks move beyond crypto custody into payments and staking, with Wells Fargo introducing tokenized deposits for corporate clients on Tuesday.
“Wells Fargo introduced tokenized deposits for corporate clients on Tuesday”
TradingView reported that BNY collaborated with Galaxy Digital to allow staking on its digital asset custody platform, and it said the offering was still subject to regulatory review.
The same TradingView account quoted BNY’s Carolyn Weinberg saying, "As digital assets continue to evolve, clients want more than safekeeping alone -they want a broader set of capabilities delivered through an institutional-grade model," tying the staking move to demand for capabilities beyond storage.
In parallel, CoinDesk said BNY has steadily expanded its digital asset business since launching crypto custody services in 2022, and it added that BNY plans around-the-clock settlement for traditional and tokenized U.S. Treasuries in 2027 and to begin testing tokenized Treasuries on a private blockchain before the end of this year.
