Figment Partners with BNY Global Financial Services Firm. The partnership brings institutional staking to BNY’s Digital Asset Custody service. Figment is a leading provider of blockchain infrastructure and validator operations for institutional customers. Figment will support BNY’s staking offering with its validator infrastructure through the collaboration. Eligible clients will therefore have seamless and secure access to staking through BNY Digital Asset Custody.
The partnership merges BNY’s servicing and custody model with Figment’s validator infrastructure. This will provide a safe and integrated way for eligible institutions to engage in staking. Staking is the method by which eligible digital resources can earn rewards. Crucially, Figment is the largest non-custodial staking provider on both Ethereum and Solana. BNY is expanding its staking offering with validator infrastructure through its work with Figment.
Ralf Roth, Head of Digital Asset Custody at BNY, explained the thinking behind the move.
“As institutional participation in staking grows, the focus is shifting from simply accessing staking to how it is delivered. 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 from a global custodian,” said Ralf Roth, Head of Digital Asset Custody, BNY.
Eligible Institutions Gain Staking Access Through One Servicing Model
BNY’s offering Institutional Staking will bring Digital Asset Custody and staking together within a single institutional servicing model. Moreover, Figment’s validator infrastructure will power the staking side of that model. Asset managers, ETF issuers, corporates, wealth management firms, and other eligible institutional clients will benefit. In particular, these clients will access staking for supported digital assets held on BNY’s Digital Asset Custody platform. Consequently, they can stake within their existing custody setup.
Meanwhile, Josh Deems, Head of Revenue at Figment, highlighted what the partnership means for his company.
“BNY’s continued expansion of its staking offering represents an important step in diversifying institutional participation in staking. By working with BNY, 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. BNY continues to lead as a true pioneer, and Figment is honored to help support their vision,” said Josh Deems, Head of Revenue, Figment.
Additionally, the announcement indicates a change in the mindset of institutions regarding staking. Institutions now care about delivery of staking, not just access. Security, oversight and accountability are also important components of custody decisions. BNY is also continuing to build out its staking offering for institutional clients. Generally, the Institutional Staking partnership provides an additional channel for eligible clients to institutional stake on a trusted custody platform.
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News Source: Businesswire.com
