BNY Taps Figment to Bring Staking to Institutional Custody Clients
Banking giant BNY (NYSE: $BNY) is partnering with blockchain infrastructure provider Figment to offer cryptocurrency staking to eligible institutional clients through its Digital Asset Custody platform.
The collaboration will allow asset managers, exchange-traded fund (ETF) issuers, corporations, and wealth management firms to stake supported digital assets held in BNY custody and earn rewards without moving them to a separate platform, according to a Thursday announcement.
Ether (CRYPTO: $ETH) will be the first supported asset, with Solana (CRYPTO: $SOL) expected to follow. The companies did not disclose a launch date.
Figment will provide the validator infrastructure behind the service, while BNY will handle custody and institutional servicing. The arrangement brings staking into the same framework clients already use to hold and manage digital assets.
“As institutional participation in staking grows, the focus is shifting from simply accessing staking to how it is delivered,” said Ralf Roth, head of Digital Asset Custody at BNY.
The partnership adds another service to BNY’s digital asset business, which began offering cryptocurrency custody in October 2022, initially supporting Bitcoin (CRYPTO: $BTC) and Ether for select clients.
The bank has since expanded its crypto-related services. In October 2026, BNY and Ripple broadened their custody agreement to include XRP (CRYPTO: $XRP) and Ripple USD (CRYPTO: $RLUSD), while also outlining plans to let clients mint and redeem the stablecoin through the bank.
Figment says it serves more than 1,500 institutions, including asset managers, exchanges, custodians and wallet providers.
Figment also provides staking infrastructure to Coinbase Prime (NASDAQ: $COIN). That partnership had facilitated more than $2 billion in staked assets by October 2025, when the companies expanded support to additional blockchain networks.
BNY shares are currently trading at $152.69. The bank’s shares are up 30% year-to-date.
This story was originally published by CryptoProwl. Read the original article.
