BNY to add institutional staking to crypto custody platform

BNY to add institutional staking to crypto custody platform BNY, the world’s largest custodian bank and formerly Bank of New York Mellon, is adding staking to its cryptocurrency custody platform in partnership with Galaxy Digital, CoinDesk reported. Subject to regulatory approval, institutional clients will be able to earn staking rewards on crypto held at BNY without transferring those assets to an external provider. Galaxy will provide the staking infrastructure and support BNY’s broader expansion of blockchain-based services. BNY has offered cryptocurrency custody services since 2022 and plans to introduce tokenized U.S. Treasuries on its private blockchain and conduct pilot transactions by the end of this year.