BNY expands digital asset custody with Figment staking support
Institutional demand for crypto yield services is widening beyond basic custody as larger financial firms build out digital asset infrastructure. BNY is adding staking capabilities to its Digital Asset Custody platform through Figment, initially supporting ETH and later SOL for eligible institutional clients.
Highlights
- BNY will enable eligible institutional clients to stake digital assets via Figment's validator infrastructure within its existing Digital Asset Custody service.
- ETH will be the first supported staking asset with SOL to follow, though BNY and Figment have not disclosed a specific launch date.
- Following the recent expansion of custody services to include XRP and RLUSD with Ripple, BNY continues to broaden its digital asset platform for institutional clients.
Staking rollout for institutional custody clients
As reported by The Block, BNY will use Figment's validator infrastructure to let eligible institutions stake supported assets held through the bank's existing Digital Asset Custody service. The offering is aimed at asset managers, exchange-traded fund issuers, corporates and wealth management firms seeking staking rewards within their current custody workflows.Figment says ETH will be the first supported asset, with SOL to follow. The companies do not specify a launch date for the service.
In a statement, BNY Head of Digital Asset Custody Ralf Roth says the focus for institutional staking is moving from simple access to the way the service is delivered. He says offering staking with Figment inside a custody framework is intended to give institutions more confidence while meeting expectations on security, oversight and accountability.
Broader digital asset platform buildout
BNY launched its digital asset custody service in October 2022, initially taking in bitcoin and ether from select clients. Last month, BNY and Ripple expanded their custody agreement to include XRP and RLUSD, and they also announced plans for BNY clients to mint and redeem RLUSD through the bank.For Figment, the arrangement extends its reach further into institutional crypto infrastructure. The company says it serves more than 1,500 institutions across asset management, custody, exchanges and wallets, while Head of Revenue Josh Deems says the partnership gives BNY clients another way to participate in staking using their existing platform and servicing processes.
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