BNY Teams Up with Galaxy for Institutional Staking

Bank of New York Mellon (BNY) has partnered with Galaxy to offer institutional staking services through its Digital Asset Custody platform. The service will be available to eligible clients, subject to regulatory review and approval. BNY's Chief Product and Innovation Officer Carolyn Weinberg noted that clients want more than just safekeeping, they want a broader set of capabilities delivered through an institutional-grade model.

The collaboration combines asset custody and staking within a single workflow, simplifying participation in proof-of-stake networks for institutions. Galaxy will provide the staking infrastructure, while BNY will handle custody and reporting. The service will be limited to eligible clients, but details on client eligibility and launch timing have not been disclosed.

BNY's expansion into institutional staking is part of its broader efforts in digital assets. The bank has also developed an onchain transfer agency platform, which allows fund transactions and official shareholder records to be maintained on a shared digital ledger. Additionally, BNY has completed after-hours U.S. Treasury transactions with stablecoin issuers and plans to introduce tokenized U.S. Treasuries by the end of 2026.

The Galaxy partnership marks another step in BNY's expansion into regulated digital asset operations in Europe. The bank's Belgian subsidiary received MiCA authorization for crypto custody and transfers, allowing it to offer specified crypto services under the European Union's MiCA framework.