BNY Teams with Galaxy for Institutional Crypto Staking

Bank of New York (BNY) is expanding its crypto staking services in partnership with Galaxy, pending regulatory approval. The new service will allow institutional clients to earn staking rewards on their existing digital assets without transferring them to a separate provider.

Under the agreement, Galaxy will supply the staking infrastructure and act as a design partner for BNY's broader digital asset platform. This move follows BNY's recent shift of transfer agency recordkeeping onto blockchain technology, which covers an $8.6 trillion market.

The addition of staking to BNY's Digital Asset Custody platform aims to provide clients with a more comprehensive offering built on the governance and controls they expect from the bank. This includes holding tens of trillions of dollars in assets across its wider custody business.