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 and Galaxy have partnered to integrate institutional crypto staking into BNY’s digital asset custody platform, allowing eligible clients to earn staking rewards without moving assets out of custody.Under the arrangement, which was unveiled on Tuesday, institutional clients will be able to stake supported proof-of-stake assets while keeping them within BNY’s custody framework. Galaxy will provide the staking infrastructure and serve as a design partner for BNY’s broader digital asset platform. The companies did not specify which digital assets will be supported.The partnership also aims to combine custody, staking, reporting and tax services into a single offering for institutional clients, a move the companies said could simplify digital asset operations.The partnership expands BNY’s push to integrate digital assets into traditional financial infrastructure. The bank was among the first major financial institutions to offer regulated custody for cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), and has since broadene...