BNY plans to offer crypto staking services for institutional clients on its custody platform in partnership with Galaxy.
BNY has announced its intention to introduce crypto staking as part of its digital asset custody services, partnering with Galaxy to enhance offerings for institutional investors.
Collaboration with Galaxy Aims to Streamline Staking for Clients
This new service will allow institutional clients to earn staking rewards while keeping their digital assets securely stored with BNY. The initiative is pending necessary regulatory approvals.
By leveraging Galaxy's infrastructure, BNY intends to simplify the staking process for its clients, enabling them to use the same platform for both custody and staking. This move is a part of BNY's broader strategy to expand its blockchain capabilities.
Known previously as Bank of New York Mellon, BNY has been enhancing its digital asset services since introducing crypto custody in 2022. The bank oversees assets worth trillions, making its foray into blockchain services particularly impactful.
In addition to staking, BNY is moving to integrate blockchain technology into its core record-keeping processes. This includes creating a comprehensive on-chain ownership ledger to reduce reliance on multiple intermediaries and plans for continuous settlement of U.S. Treasuries by 2027. Tests of tokenized Treasuries on a private blockchain are set to begin within this year.
