BNY taps Galaxy for institutional crypto staking

The Bank of New York Mellon has partnered with digital asset manager Galaxy to integrate cryptocurrency staking services into its institutional custody platform. Announced on Tuesday, August 4, the arrangement will allow eligible institutional clients to earn staking rewards on certain proof-of-stake digital assets without needing to move them out of BNY Mellon's custody. The service, which aims to streamline complex digital asset operations by combining safekeeping, staking, and related administrative services within a single offering, is pending regulatory review before launch.

Under the terms of the partnership, Galaxy will supply the underlying staking infrastructure and also act as a design partner for BNY Mellon's broader digital asset platform. The bank will continue to provide the core custody framework alongside its traditional fund accounting, reporting, and client services. The companies stated that this combined model is intended to simplify institutional participation in crypto networks by reducing the operational friction of coordinating between separate custody and staking providers. The specific digital assets to be supported by the new service were not...