BNY Mellon, a leading custody giant, is expanding its services beyond safekeeping by introducing institutional crypto staking through a partnership with Galaxy.
This new offering will allow eligible institutional clients to earn yield on their proof-of-stake assets, marking a significant expansion of BNY Mellon's custody capabilities.
According to reporting from CoinTelegraph, this partnership aims to provide institutions with a secure and reliable way to participate in the growing proof-of-stake ecosystem.
For those unfamiliar, proof-of-stake is a consensus mechanism used by certain blockchain networks, which allows users to validate transactions and create new blocks, thereby earning a yield on their assets.