Galaxy partners with BNY to bring crypto staking services to institutional custody clients
Through Galaxy's staking infrastructure integration, BNY will enable qualified institutional investors to stake digital assets while maintaining them in custody, eliminating the need for asset transfers.
A new collaboration between BNY and Galaxy will bring institutional-grade crypto staking capabilities to BNY's digital asset custody platform, enabling qualified clients to generate staking rewards while maintaining their assets in secure custody.
According to the arrangement announced on Tuesday, institutional investors will gain the ability to stake compatible proof-of-stake digital assets without removing them from BNY's custody infrastructure. Galaxy's role in the partnership includes supplying the staking infrastructure and acting as a design partner in the development of BNY's comprehensive digital asset platform. Neither company disclosed which specific digital assets would be available for staking.
The collaboration is designed to bundle custody, staking, reporting and tax services into an integrated solution for institutional investors, which the partners indicated would streamline digital asset management operations.
This partnership represents another step in BNY's ongoing effort to incorporate digital assets into conventional financial infrastructure. The financial institution was one of the earliest major banks to provide regulated custody services for cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), and has continued to expand its digital asset offerings through various initiatives including tokenized fund administration and projects aimed at transitioning transfer agency records onchain.