BNY Mellon, the 240-year-old institution that predates the US Constitution, is adding crypto staking capabilities to its digital asset custody platform. The bank, which already holds and transfers Bitcoin and Ether for institutional clients, is expanding into a service that lets those same clients earn rewards on their holdings.
From safekeeping to yield generation
BNY Mellon launched its Digital Asset Custody platform on October 11, 2022, initially supporting Bitcoin and Ether for a select group of institutional clients. The setup was straightforward: hold crypto, transfer crypto, do it all within a regulated framework that pension funds and asset managers actually feel comfortable with.
BNY established its Digital Assets Unit back in February 2021, right in the middle of the last bull market’s institutional FOMO wave.
The institutional custody chess match
