BNY, one of the world’s largest custody banks, plans to let eligible institutional clients stake supported digital assets held on its Digital Asset Custody platform, Figment announced on November 12. Figment, a validator and staking infrastructure provider, will supply the validator infrastructure. The release names asset managers, ETF issuers, corporates and wealth management firms as eligible clients.
Clients would be able to stake without leaving BNY’s servicing model, according to the announcement. Figment describes itself as the largest non-custodial staking provider for Ethereum and Solana. Crypto Insiders reported that the service applies only to supported networks such as Ethereum and Solana, and that bitcoin cannot be staked directly. Figment said it does not hold client assets.
Ralf Roth, BNY’s head of digital asset custody, said the focus in staking is “shifting from simply accessing staking to how it is delivered.” Figment’s Josh Deems called BNY “a true pioneer.”
The announcement gives no launch date or list of initial assets and does not mention regulatory approvals. Crypto Insiders reported that the service still needs regulatory approval. BNY first said in August that it planned to add staking, with Galaxy helping on the design, according to Crypto Insiders.
The plan concerns staking rewards for institutional custody clients. The reports do not describe any retail offering. Details of the rewards, fees and supported assets have not been published.
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