A new partnership between BNY and Galaxy will integrate crypto staking services into the BNY digital asset custody platform, offering eligible clients the opportunity to earn yield on proof-of-stake assets while maintaining holdings within a secure framework.
The collaboration centres around integrating staking infrastructure designed by Galaxy into BNY’s existing custodial operations. This development marks an expansion of BNY’s offerings in the burgeoning cryptocurrency space. The aim is to provide a comprehensive service encompassing custody, staking rewards and associated reporting and tax solutions.
BNY, a major custodian for digital assets including Bitcoin and Ether, has been among the first significant financial institutions to offer regulated custody services. This partnership demonstrates a move towards broader institutional adoption of cryptocurrencies. Galaxy will be responsible for providing the technical infrastructure necessary for the staking operations.
The integration seeks to combine custody, staking, reporting and tax services into a single offering for clients. The service is intended to allow eligible customers to generate returns on their proof-of-stake holdings without transferring assets from BNY’s secured platform. This represents an advancement in integrated digital asset solutions within the financial sector.
The partnership reinforces BNY’s position as a leader in regulated cryptocurrency custody and further expands Galaxy’s role as a design partner for broader digital asset platforms. The strategic alliance reflects increasing interest among major institutions in utilising crypto assets beyond simple holding.
The integration of these services represents a significant development for the institutional adoption of cryptocurrencies, particularly within proof-of-stake models. Further developments are expected to follow from BNY and Galaxy as they execute this new offering.
Written by Sarah Whitmore
Ethereum Desk
