The Bank of New York Mellon Corporation (NYSE: BNY), the world's largest custodian bank, is expanding its digital asset business to let institutional clients earn rewards on the crypto they a
The Bank of New York Mellon Corporation (NYSE: BNY), the world's largest custodian bank, is expanding its digital asset business to let institutional clients earn rewards on the crypto they already hold with the bank, teaming up with Galaxy Digital to make it happen.
BNY Mellon is a 240-year-old financial services company that safeguards and administers assets for institutions, overseeing $62.6 trillion in assets under custody and administration as of June 30, 2026. It serves more than 90% of Fortune 100 companies and nearly all of the world's top 100 banks.
Galaxy Digital (NASDAQ: GLXY), its partner on the effort, is a financial firm specializing in crypto and blockchain infrastructure, and was an early client of BNY's Digital Asset Custody platform. The two announced the collaboration on Aug. 4.
Related: Angel investor says Bitcoin has bottomed, sell it and buy Solana
The centerpiece is staking, offered directly within BNY's Digital Asset Custody platform, the system the bank uses to hold crypto for clients.
Staking is a process where certain digital assets can be locked up to help run a blockchain network, earning rewards in return, similar in spirit to earning interest.
Building it into the custody platform means institutions can earn without moving their assets to an outside provider.
"Clients want more than safekeeping alone," said Carolyn Weinberg, Chief Product and Innovation Officer at BNY, adding that staking makes the bank's custody offering more comprehensive while keeping the governance and controls institutions expect.
According to the companies, BNY is pairing its custody platform with Galaxy's experience in proof-of-stake (PoS) networks, blockchains that rely on staking to function, to deliver the feature through a single, secure workflow.
Galaxy is also serving as a design partner on BNY's broader digital asset infrastructure, a role Steve Kurz, its global co-head of digital assets, described as helping shape "the foundation on which these services will run."
The companies note the offering remains subject to regulatory review, so availability is not yet final.
For eligible clients, staking would sit alongside services BNY already provides, including custody, fund accounting, tax reporting, and payments.
The companies say bundling these gives institutions a more efficient way to join digital asset markets while keeping BNY's oversight and asset protections intact.
Related: GalaxyOne is offering 8% yield on cash. Here's where it comes from
