BNY Mellon Enters Crypto Staking Market with Institutional Clients
BNY Mellon, one of the oldest and most established financial institutions in the US, is expanding its digital asset custody platform to include crypto staking. This move allows institutional clients to earn rewards on their holdings, adding a new revenue stream to BNY's existing custodial services.
The bank initially launched its Digital Asset Custody platform on October 11, 2022, supporting Bitcoin and Ether for select institutional clients. Since then, it has positioned itself as critical infrastructure in the digital asset ecosystem, serving as primary custodian for Ripple's RLUSD stablecoin reserves and supporting BlackRock's BUIDL tokenized fund.
By adding staking capabilities, BNY Mellon is now directly competing with crypto-native custodians like Coinbase. However, its traditional financial services wrapper offers integration, risk mitigation strategies, and regulatory standing that makes compliance officers more comfortable.