BNY Mellon Partners with Galaxy for Institutional Staking Service
BNY Mellon has announced plans to add staking functionality to its Digital Asset Custody platform, in partnership with Galaxy. This move is aimed at providing institutional clients with a streamlined way to participate in proof-of-stake networks without having to manage the technical aspects themselves.
The service will be subject to regulatory review and will allow BNY's clients to access staking through their existing custody platform. However, several details remain unclear, including which cryptocurrencies will be eligible for staking, how rewards will be divided, and what fees clients can expect to pay.
BNY's proposed structure would divide responsibilities between the bank, as custodian, and Galaxy, which would supply the necessary infrastructure for participating in proof-of-stake networks. This is distinct from traditional exchange-traded products (ETPs) that offer staking exposure, such as those recently launched by Morgan Stanley.