BNY taps Figment to bring staking into its digital asset custody service
Bank of New York Mellon (BNY) has partnered with Figment to bring staking capabilities to its digital asset custody service, allowing eligible institutions to earn rewards without moving assets off the platform.
The banking giant will use Figment's validator infrastructure to power staking inside its existing Digital Asset Custody service. Figment announced the arrangement on Thursday, marking the second staking partnership BNY has struck this year, suggesting this is becoming a product line rather than an experiment.
The setup allows eligible institutions that already hold digital assets with BNY to stake supported assets through the bank's custody platform. Figment handles the validator operations while BNY maintains custody of the assets.
How the partnership works
Staking is the process by which proof-of-stake blockchains secure themselves, where token holders lock up assets to validate transactions and receive rewards. This deal enables eligible clients to collect staking rewards on supported assets without transferring them externally.
For a pension-adjacent asset manager, that distinction is the whole ballgame.
Market impact
BNY managed approximately $62.6 trillion in assets under custody as of June 30, 2026, making it the world's largest custodian bank. Figment, a non-custodial staking provider, oversees more than $18 billion in staked assets across 30 protocols for over 1,500 institutional clients.
The partnership particularly benefits ETF issuers, who can now capture staking rewards through their existing custodian. By working with multiple providers like Figment and Galaxy Digital, BNY reduces reliance on a single validator operator, minimizing risks from potential downtime or penalties.
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