BNY is working with Galaxy Digital to add an institutional cryptocurrency staking service to its digital asset custody platform. Eligible institutional clients will be able to stake supported proof-of-stake digital assets and earn rewards without moving assets outside their custody accounts.
Cointelegraph reported on Monday that the partnership will allow institutional clients to stake while keeping their assets within BNY’s custody framework. Galaxy will provide the staking infrastructure and also serve as a design partner across BNY’s digital asset platform. The companies did not disclose which digital assets will be supported.
The two companies plan to bundle custody, staking, reporting and tax services into a single offering to simplify institutional clients’ digital asset operations.
The partnership is part of BNY’s strategy to expand its digital asset business. BNY is one of the first large financial institutions to offer regulated custody services for cryptocurrencies such as Bitcoin and Ethereum. It has since broadened its digital asset strategy by pursuing initiatives including the management of tokenised funds and on-chain transfers of transfer-agent records.
Chi-gyu Hwang (황치규)
delight@d-today.co.kr