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FollowingBank of New York Mellon and Galaxy Digital have launched a digital asset pledge service that allows institutional customers to earn revenue without having to transfer assets.
Bank of New York Mellon (NYSE: BNY), the world's largest custodian bank, is expanding its digital asset business to allow institutional customers to earn revenue from the crypto assets they hold. The bank has partnered with Galaxy Digital to jointly promote the plan.
Bank of New York Mellon is a 240-year-old financial services company that provides asset custody and management services to institutions. As of June 30, 2026, its assets under custody and management reached US$62.6 trillion, serving more than 90% of Fortune 100 companies and almost all top banks in the world.
Partner Galaxy Digital (NASDAQ: GLXY) is a financial company focusing on cryptocurrency and blockchain infrastructure and an early customer of the Bank of New York Mellon digital asset custody platform. The two sides announced the cooperation on August 4.
Earn revenue without leaving the bank
The core of the service is the pledge function, which will be directly embedded into Bank of New York Mellon's digital asset custody platform-the bank's system for holding crypto assets for customers. Pledge refers to the locking of specific digital assets to assist in the operation of the blockchain network, thereby earning a return, similar to earning interest. Integrating pledge capabilities into custody platforms means institutions can earn revenue without having to transfer assets to external providers.
"Customers need more than just asset custody," said Carolyn Weinberg, chief product and innovation officer at Bank of New York Mellon. She added that pledges make banks 'custody services more comprehensive while maintaining the level of governance and control expected by institutions.
Galaxy's role goes far beyond the pledge itself
According to the two companies, Bank of New York Mellon combines its hosting platform with Galaxy's experience with proof-of-stake (PoS) networks-which rely on pledges to operate-to provide the functionality through a single, secure workflow. Galaxy also serves as a design partner for Bank of New York Mellon's broader digital asset infrastructure, which Steve Kurtz, its global co-head of digital assets, said helps shape "the foundation on which these services operate." The companies note that the service is still subject to regulatory review, so it is uncertain whether it will eventually launch.
Pledge Joins Service Portfolio
For eligible customers, Pledge will be juxtaposed with other services BNY Mellon already offers, including custody, fund accounting, tax reporting and payments. Bundling these services together provides institutions with a more efficient way to participate in digital asset markets while maintaining BNY Mellon's oversight and asset protection mechanisms, the companies said.
