TheBlock
BNY will use Figment's validator infrastructure to support staking through its Digital Asset Custody service, giving eligible institutional clients a way to earn rewards on supported assets. Ether (ETH) will be supported initially, followed by Solana (SOL), a Figment spokesperson said. The companies did not specify a launch date.
The clients BNY will serve include asset managers, exchange-traded fund issuers, corporates and wealth management firms, Figment said.
Why it matters
The offering brings staking into the bank's existing custody framework and servicing workflows. Staking allows holders of assets on proof-of-stake networks to participate in securing those networks and earn rewards, with validators performing the underlying infrastructure role.
BNY launched its digital asset custody service in October 2022, initially accepting Bitcoin and Ether from select clients. It has since expanded a custody agreement with Ripple to cover XRP and RLUSD, with plans to let BNY clients mint and redeem RLUSD through the bank.
Market impact
The arrangement gives eligible institutions another route to staking rewards without leaving BNY's custody platform. ETH is first in line, while SOL is planned for later support; neither company specified when the service will launch.
Figment's existing institutional relationships include Coinbase Prime, which integrated its Ethereum staking service in early 2024. By October 2025, that partnership had enabled more than $2 billion in staked assets, the companies said.
Frequently asked questions
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Which assets will BNY support for staking first?
Ether will be supported initially, followed by Solana, a Figment spokesperson said.
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Which institutions can use BNY's staking offering?
BNY plans to serve eligible clients including asset managers, ETF issuers, corporates and wealth management firms.
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What role will Figment play in BNY's staking service?
Figment will provide validator infrastructure for staking through BNY's Digital Asset Custody service.
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When will BNY's staking service launch?
BNY and Figment did not specify a launch date.
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How does Figment's Coinbase Prime partnership compare?
Coinbase Prime integrated Figment's Ethereum staking service in early 2024. The companies said the partnership had enabled more than $2 billion in staked assets by October 2025.
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