BNY to offer institutional crypto staking through Galaxy partnership
The custody giant is expanding beyond safekeeping by adding staking services, allowing eligible institutional clients to earn yield on proof-of-stake assets.
BNY Mellon is set to offer institutional crypto staking services through a partnership with Galaxy Digital, according to new wire material. This move allows eligible institutional clients to earn yield on proof-of-stake assets without moving them out of the bank's custody. The collaboration, announced on Tuesday, integrates institutional crypto staking into BNY Mellon’s digital asset custody platform, with Galaxy providing the necessary infrastructure as a design partner.
The partnership aims to combine custody, staking, reporting, and tax services into a single offering for institutional clients, simplifying digital asset operations. Both companies have not disclosed the specific digital assets that will be supported through this partnership. This expansion marks BNY Mellon's ongoing efforts to integrate digital assets into traditional financial infrastructure, following their early adoption of regulated custody for cryptocurrencies like Bitcoin and Ether.
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