BNY Partners With Galaxy To Bring Staking To Crypto Custody Platform

BNY, one of the world’s largest custody banks, is adding crypto staking capabilities to its digital asset platform through a new partnership with crypto financial services firm Galaxy, the companies announced Tuesday.

What The Partnership Covers

The new service, still pending regulatory approval, will let institutional clients stake digital assets directly through BNY’s custody platform rather than moving tokens to a separate provider. Galaxy will supply the staking infrastructure and work alongside BNY as a design partner as the bank expands its blockchain offerings. Staking lets holders of certain crypto assets lock up tokens to help secure blockchain networks in exchange for rewards, and pairing it with custody removes an extra step for large investors managing their holdings.

Part Of A Broader Blockchain Push

BNY, previously known as Bank of New York Mellon, has been building out its digital asset business steadily since launching crypto custody services in 2022. The bank manages tens of trillions of dollars in assets, so its moves into blockchain infrastructure draw close attention across the financial sector.

The staking announcement follows other recent blockchain initiatives at the bank, including a shift of its core transfer agency record-keeping onto blockchain rails and plans to roll out round-the-clock settlement for Treasuries, along with testing tokenized Treasuries on a private blockchain before the year is out.