BNY Mellon taps Galaxy for staking on crypto custody platform
In brief
- BNY Mellon selected Galaxy to provide staking infrastructure for its custody platform
- Institutional clients can stake digital assets held in custody without transferring to separate providers
- Galaxy serves as design partner as BNY expands blockchain-based services
- BNY oversees tens of trillions in assets and has expanded crypto offerings since 2022
Staking Without Moving Assets
Staking allows holders of certain crypto assets to help secure blockchain networks by locking up their tokens in exchange for rewards. For large institutional investors, the new offering removes friction. Clients won't need to transfer assets to a separate provider to earn staking yields. Everything stays on BNY's platform.
This matters because custody and staking have historically required separate relationships. The integration simplifies operations for institutions managing large portfolios.
BNY's Blockchain Expansion
BNY launched crypto custody services in 2022 and has steadily broadened its digital asset footprint since. The bank oversees tens of trillions of dollars in assets under custody and administration, positioning it as a heavyweight in institutional finance.
Recent moves show how aggressively BNY is integrating blockchain infrastructure. The bank recently shifted its core transfer agency record-keeping onto blockchain technology, creating a single onchain ownership ledger. It also plans to introduce around-the-clock settlement for traditional and tokenized U.S. Treasuries in 2027 and begin testing tokenized Treasuries on a private blockchain before year-end.
The staking partnership fits into a broader pattern. BNY isn't dabbling in crypto—it's embedding blockchain infrastructure into the core machinery of institutional finance.
