Bank of New York Mellon (BNY) said it will add staking to its digital asset custody platform through a partnership with crypto financial services firm Galaxy, allowing institutional clients to earn staking rewards without transferring assets out of custody. Citing CoinDesk, the report said BNY announced the plan on Aug. 4. The service still requires regulatory approval.
Galaxy will supply the staking infrastructure
Under the partnership, Galaxy will provide the technical infrastructure for staking and act as a design partner as BNY expands its blockchain services. For institutional clients, the main feature is that assets can remain within the custody setup.
The report said institutions that wanted to stake assets in the past often had to move tokens to third parties, creating added custody and compliance risk. Enabling staking inside a regulated custody framework would give those clients a direct route to proof-of-stake, or PoS, rewards without shifting assets elsewhere.
Another expansion step for BNY’s digital asset business
The planned staking service marks another extension of BNY’s digital asset footprint. Since launching crypto custody in 2022, the bank has added support for bitcoin, ether and tokenized securities.
The report also said that in June 2026, BNY partnered with Circle to let clients custody, transfer, mint and burn USDC on its platform. Adding staking now shows the bank continuing to build out its digital asset service offering piece by piece.