BNY taps Figment to support staking on its digital asset custody platform

Eligible asset managers, ETF issuers, and other institutional clients will be able to stake supported assets held with BNY.

Banking giant BNY will use Figment's validator infrastructure to support its staking offering, allowing eligible institutions to stake assets through the bank's existing Digital Asset Custody service.

Asset managers, exchange-traded fund issuers, corporates, and wealth management firms are among the staking clients BNY will serve, Figment said Thursday. Eligible clients will be able to earn staking rewards on supported assets held on the platform. A Figment spokesperson told The Block that ETH will initially be supported, followed by SOL. The companies did not specify a launch date.

"As institutional participation in staking grows, the focus is shifting from simply accessing staking to how it is delivered," BNY Head of Digital Asset Custody Ralf Roth said in a statement. "Offering staking with Figment in a trusted custody framework can give institutions greater confidence in how they participate, while supporting the standards of security, oversight, and accountability they expect."

BNY's crypto custody expansion

BNY launched its digital asset custody service in October 2022, initially accepting bitcoin and ether from select clients. Last month, BNY and Ripple expanded their custody agreement to cover XRP and RLUSD and also announced plans for BNY clients to mint and redeem RLUSD through the bank.

Coinbase Prime first integrated Figment's EthereumEthereum ETH-1.48% staking service in early 2024. The partnership had enabled more than $2 billion in staked assets by October 2025, the firms said when they announced support for more networks, including SolanaSolana SOL-2.00%, Cardano, and Sui.

Percentage of ETH staked. Image: The Block.

"Figment is bringing its validator infrastructure and staking expertise to BNY's Digital Asset Custody platform, giving institutional clients another way to participate in staking using their existing platform and servicing workflows," Figment Head of Revenue Josh Deems said.

Figment says it provides staking services to more than 1,500 institutions, including asset managers, custodians, exchanges, and wallets.