BNY taps Galaxy to bring staking to the world's largest custodian

A Single Model for Custody and Staking

@galaxyhq and @BNYglobal are collaborating to advance digital asset infrastructure for institutional markets, including adding staking support to BNY's Digital Asset Custody platform, the companies announced on Tuesday. The partnership will combine digital asset custody and staking within a single institutional servicing model, giving eligible clients access to staking rewards without moving assets off BNY's platform.

Eligible institutional clients will be able to access staking within BNY's broader servicing model, with integrated capabilities spanning custody, fund accounting, tax reporting, payments and client reporting, where applicable. Galaxy will provide the staking infrastructure and also serve as a design partner as BNY continues to build out its blockchain-based services. The offering is still subject to regulatory review, and the companies have not announced a launch date.

Scale and What It Means for Proof-of-Stake Networks

BNY oversees $62.6 trillion in assets under custody or administration, meaning even modest client uptake could channel significant capital toward proof-of-stake networks. BNY, formerly known as Bank of New York Mellon, has steadily expanded its digital asset business since launching crypto custody services in 2022.

For institutions, the operational case is straightforward. Running validators, managing private keys and tracking network rewards internally demands technical systems and controls that many asset managers prefer not to build in-house. The BNY and Galaxy structure divides those responsibilities between an established custodian and a firm already operating blockchain infrastructure at scale.

Several practical details remain unresolved. BNY and Galaxy have not identified which cryptocurrencies will be eligible, how rewards will be split, what clients will pay, or how long withdrawals and unstaking may take. Those terms can vary considerably between networks.

The announcement is part of a broader push by BNY into digital asset infrastructure. It also fits a wider pattern for Galaxy, which has built out a series of custodial staking integrations in recent periods, including with Fireblocks, Coinbase Prime, Zodia Custody and BitGo.

Sources:
PR Newswire: Galaxy and BNY Collaborate to Advance Digital Asset Infrastructure
CoinDesk: BNY to Add Crypto Staking to Digital Asset Custody Platform