BNY Teams with Galaxy to Bring Crypto Custody and Staking Together

BNY has announced a collaboration with digital assets firm Galaxy to add a workflow to enable staking for clients of its crypto custody service. In addition to staking, Galaxy is serving as a design partner to further BNY digital asset platform infrastructure.

BNY says the move will bring together digital asset custody and staking within a single institutional servicing model, which is intended to provide clients with an integrated, institutional-grade experience for participating in staking through a secure, streamlined workflow, subject to regulatory review.

Eligible institutional clients can access staking within BNY’s broader servicing model, with integrated capabilities including custody, fund accounting, tax reporting, payments and client reporting, where applicable. This approach is designed to provide institutions with a more efficient way to participate in digital asset markets while maintaining the operational safeguards, oversight and asset protections provided by BNY’s custody model, the bank says.

“As digital assets continue to evolve, clients want more than safekeeping alone — they want a broader set of capabilities delivered through an institutional-grade model,” says Carolyn Weinberg, chief product and innovation officer at BNY. “Our work with Galaxy – an early client of BNY’s digital asset custody platform – reflects our strategy of building the financial infrastructure of the future while continuing to expand our digital asset capabilities. With the addition of staking, we will be providing clients with a more comprehensive digital asset custody offering built on the governance, controls and resiliency they expect from BNY.”

Steve Kurz, global co-head of digital assets at Galaxy. Adds, “The future of financial markets will be built on open, programmable rails, and the institutions that move first will define the era that follows. Galaxy has spent years building the institutional-grade infrastructure to drive that shift, including staking. Our collaboration with BNY brings that work into a framework the world’s largest institutions can trust. As a design partner on BNY’s platform infrastructure, we’re helping shape the foundation on which these services will run.”