Key Highlights:
- BNY clients will be able to stake eligible assets held in custody and earn rewards without transferring them externally.
- Figment will operate the validators while remaining non-custodial, preserving BNY’s role as asset custodian.
- The partnership expands BNY’s institutional staking strategy alongside its existing relationship with Galaxy Digital.
BNY and Figment Partner to Bring Institutional Staking to Custodied Assets
BNY is partnering with Figment to provide staking services for eligible institutional clients while keeping their assets within BNY’s custody platform. Figment will manage the validator infrastructure, while BNY will retain custody of the underlying assets.
Staking is a core mechanism used by proof-of-stake blockchains to secure their networks. Token holders lock assets to help validate transactions and receive rewards in return. Under the new arrangement, eligible BNY clients can stake assets already held with the bank without moving those assets to an external platform. For asset managers with custody, governance and operational requirements, keeping assets in place is a central feature of the offering.
Figment said the target client base includes asset managers, exchange-traded fund issuers, corporations and wealth management firms. Eligible clients will be able to collect staking rewards on supported assets maintained on BNY’s platform. The partnership was announced on or around November 12, 2026.
How the BNY-Figment Staking Model Works
Figment will provide the validator services required to participate in proof-of-stake networks, but it will not take possession of client assets. This non-custodial structure allows Figment to operate the technical staking infrastructure while BNY continues to safeguard the assets.
The division of responsibilities positions Figment as a validator and staking provider behind BNY’s custody operation. For institutional investors, the model combines access to blockchain-based rewards with the established custody relationship they already use for their digital assets.
BNY and Figment: Institutional Scale
BNY managed approximately $62.6 trillion in assets under custody as of June 30, 2026, describing itself as the world’s largest custodian bank. Its scale gives the partnership access to a broad institutional client base across asset management, exchange-traded products, corporate finance and wealth management.
Figment is a leading non-custodial staking provider overseeing more than $18 billion in staked assets. The company serves more than 1,500 institutional clients across 30 protocols. Its non-custodial operating model is particularly relevant to the BNY partnership because Figment can run validators without replacing BNY as the institution responsible for asset custody.
BNY’s Broader Digital Asset Strategy
The Figment partnership is not BNY’s first move into institutional staking. In August 2026, the bank reached an agreement with Galaxy Digital focused on enhancing staking capabilities on the same Digital Asset Custody platform.
The agreement with Figment also fits within BNY’s broader expansion in digital assets. That work includes initiatives involving tokenized deposits and custody solutions regulated under the European Union’s Markets in Crypto-Assets framework, known as MiCA.
Why This Matters
The partnership addresses a longstanding institutional challenge: combining the security and operational controls of a trusted custodian with the potential on-chain yield generated through staking. Allowing clients to stake assets without transferring them externally may reduce operational complexity and make staking more accessible to organizations with strict custody requirements.
Exchange-traded fund issuers are a notable potential user group. Funds holding proof-of-stake assets may have a clear incentive to capture available staking rewards, and using their existing custodian could simplify the process of managing those assets and related operations.
BNY’s use of multiple staking providers also has strategic significance. With both Galaxy Digital and Figment involved, the bank can avoid relying on a single validator operator. That diversification may help manage operational risks because validator downtime or penalties can reduce staking rewards.
Frequently Asked Questions
What will Figment do in the BNY partnership?
Figment will operate the validators that support staking on eligible proof-of-stake assets. It will provide the staking infrastructure without taking possession of client assets.
Will BNY clients have to move their assets to stake them?
No. The arrangement is designed to allow eligible clients to stake assets held in custody at BNY without transferring those assets externally.
Which institutions may be eligible for the service?
Figment identified asset managers, exchange-traded fund issuers, corporations and wealth management firms as target clients. Staking will be available for supported assets maintained on BNY’s platform.
