\u201cAs digital assets continue to evolve, clients want more than safekeeping alone \u2014 they want a broader set of capabilities delivered through an institutional-grade model,\u201d BNY Chief Product and Innovation Officer Carolyn Weinberg said.<\/p>\n<\/blockquote>\n
The collaboration expands the services available through a major U.S. custodian as banks compete to support institutional demand for digital assets. BNY reported $62.6 trillion in assets under custody or administration as of June 30.<\/p>\n
Institutional staking can generate protocol rewards by committing eligible crypto assets to proof-of-stake networks. Yet the activity also introduces operational, technical and regulatory considerations that differ from conventional asset custody.<\/p>\n
Combining both services could give asset managers and other institutions a more familiar route into staking. BNY would provide the custody and reporting framework, while Galaxy would handle the underlying staking infrastructure.<\/p>\n
For U.S. institutions, the regulatory-review condition remains important. The companies have not said which regulators must approve the service or whether access will vary by client type or jurisdiction.<\/p>\n
\n\u201cThe future of financial markets will be built on open, programmable rails, and the institutions that move first will define the era that follows,\u201d Galaxy Global Co-Head of Digital Assets Steve Kurz said.<\/p>\n<\/blockquote>\n
BNY expands onchain fund infrastructure<\/h2>\n
The staking agreement follows BNY\u2019s move in late July to bring investment fund ownership records onchain through a blockchain-enabled transfer agency platform.<\/p>\n
The platform will allow fund transactions and official shareholder records to be maintained on a shared digital ledger. BNY will continue operating its traditional transfer agency services alongside the blockchain-based system.<\/p>\n
Rather than only tokenizing investment products, the bank is applying blockchain technology to the record-keeping systems that support fund administration. The model is intended to create a shared source of ownership information for institutions involved in processing and servicing funds.<\/p>\n
BNY has also completed after-hours U.S. Treasury transactions with stablecoin issuers. The bank reportedly plans to introduce tokenized U.S. Treasuries before the end of 2026 and conduct pilot transactions on a private blockchain during the year.<\/p>\n
MiCA approval supports BNY\u2019s European crypto push<\/h2>\n
BNY is also expanding its regulated digital asset operations in Europe. ESMA added BNY SA\/NV, the bank\u2019s Belgian subsidiary, to its interim Markets in Crypto-Assets register in July.<\/p>\n
The National Bank of Belgium authorized the subsidiary to provide crypto-asset custody and transfer services. Its addition came as ESMA\u2019s register reached 309 authorized providers following 15 new entries.<\/p>\n
The approval gives BNY a regulated route to offer specified crypto services under the European Union\u2019s MiCA framework. Combined with the Galaxy agreement and its onchain fund platform, the authorization shows BNY is building separate but connected infrastructure across custody, staking, tokenized assets and fund administration.<\/p>\n
The next step will depend on regulatory clearance for the staking service and details about supported assets, client eligibility and launch timing.<\/p>\n
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