Financial services company BNY Mellon has partnered with Galaxy Digital to add crypto staking to its Digital Asset Custody platform. According to a press release from Galaxy on Tuesday, Galaxy is serving as a design partner to further BNY Mellon’s digital asset platform infrastructure.
Per the release, Eligible institutional clients can access staking within BNY’s broader servicing model, with integrated capabilities including custody, fund accounting, tax reporting, payments and client reporting, where applicable. This approach is designed to provide institutions with a more efficient way to participate in digital asset markets while maintaining the operational safeguards, oversight and asset protections provided by BNY’s custody model.
Additionally, the two parties will integrate digital asset custody and staking services into a unified institutional-grade offering. By combining BNY’s digital asset custody platform with Galaxy’s expertise in proof-of-stake (PoS) networks, they aim to deliver a seamless, institutional-grade staking experience and help institutional clients participate in staking through secure, streamlined processes. In addition to staking services, Galaxy will also serve as a design partner to further enhance BNY’s digital asset platform infrastructure.
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What BNY Mellon, Galaxy Digital Say About the Partnership
“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,” said Carolyn Weinberg, Chief Product and Innovation Officer at BNY. “Our work with Galaxy – an early client of BNY’s Digital Asset Custody platform – reflects our strategy of building the financial infrastructure of the future while continuing to expand our digital asset capabilities. With the addition of staking, we will be providing clients with a more comprehensive digital asset custody offering built on the governance, controls, and resiliency they expect from BNY.”
“The future of financial markets will be built on open, programmable rails, and the institutions that move first will define the era that follows,” said Steve Kurz, Global Co-Head of Digital Assets at Galaxy. “Galaxy has spent years building the institutional-grade infrastructure to drive that shift, including staking. Our collaboration with BNY brings that work into a framework the world’s largest institutions can trust. As a design partner on BNY’s platform infrastructure, we’re helping shape the foundation on which these services will run.”
Crypto staking is the process of locking up digital tokens in a Proof-of-Stake (PoS) blockchain network to help verify transactions and secure the system, earning passive rewards (often an annualized percentage yield, or APY) in return. Staking in crypto allows digital asset holders to earn passive yield by locking tokens to validate blockchain transactions. BNY is jumping ahead of traditional banking firms with this development, further asserting itself as a big crypto player.
