BNY will use Figment's validators to support staking for eligible institutional clients on its Digital Asset Custody platform, including asset managers.
Key Facts
Figment will support BNY's staking offering through its validator infrastructure, giving eligible clients access to staking via BNY Digital Asset Custody.
Asset managers, ETF issuers, corporates, wealth management firms and other eligible institutions will be able to stake supported digital assets held on the platform.
The release did not say which assets are supported or when the service starts.
BNY will use Figment's validator infrastructure to support its staking offering for eligible clients on its Digital Asset Custody platform, Figment said on Thursday.
The collaboration combines BNY's custody and servicing model with Figment's validators, giving eligible institutions an integrated way to take part in staking, the process that lets eligible digital assets earn rewards, Figment said.
"As institutional participation in staking grows, the focus is shifting from simply accessing staking to how it is delivered," Ralf Roth, BNY's head of Digital Asset Custody, said in Figment's press release.
BNY is adding Figment's validators to support staking on its Digital Asset Custody platform. Source: BNY
Who Can Use It
Asset managers, ETF issuers, corporates, wealth management firms and other eligible institutional clients will be able to stake supported digital assets held on BNY's platform, the release said. It did not list the supported assets or give a start date.
Figment describes itself as the largest non-custodial staking provider across Ethereum and Solana, and says it serves more than 1,500 institutions. Its validator services "generate rewards, not yield or returns," the company said.
"BNY's continued expansion of its staking offering represents an important step in diversifying institutional participation in staking," Figment head of revenue Josh Deems said.
BNY's Digital Asset Push
BNY, the custodian, has been widening its crypto services. In October, it began custodying XRP and RLUSD under an expanded Ripple partnership, and in June it added USDC minting and redemption for institutional clients.
Other custodians are also adding staking. BitGo this month opened Bitcoin staking through Stacks for qualified custody clients.
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