BNY announced on Tuesday that it plans to add staking to its digital asset custody platform through a partnership with Galaxy.
- The service will allow institutional clients to earn staking rewards without moving assets outside BNY's custody.
- This move marks BNY's latest expansion of blockchain-based services for institutional investors.
BNY, formerly known as Bank of New York Mellon, has steadily expanded its digital asset business since launching crypto custody services in 2022. The bank oversees tens of trillions of dollars in assets under custody and administration, making its moves into blockchain infrastructure closely watched across the financial industry.
The financial services firm recently stated that it is shifting its core transfer agency record-keeping onto blockchain technology, creating a single onchain ownership ledger that it says will reduce reliance on multiple intermediaries.
