ING spins out Pyctor to GMEX for digital assets compliance
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ING spins out Pyctor to GMEX for digital assets compliance 11 July 2022UK Reporter: Rebecca Delaney
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ING Group has spun out Pyctor’s digital post-trade market infrastructure technology to GMEX Group to strengthen the market infrastructure vendor’s MultiHub platform.
Pyctor is an institutional-grade custody solution for the digital asset ecosystem and firms operating in regulated environments.
The solution provides digital custody and transactional network services for digital assets through multi-signatory and multi-party approval protocols. It implements a decentralised operating model that leverages both hardware technologies and proprietary multi-party computation (MPC) software.
The combination of traditional and decentralised finance will strengthen GMEX’s MultiHub platform to allow financial market participants to securely issue, access, manage, store and transact digital assets in a regulatory compliant manner.
As a new service offering within GMEX, the group’s CEO Hirander Misra has been appointed chairman of Pyctor, with other senior appointments to be announced.
Olivier Guillaumond, global head of innovation labs and fintechs, ING, comments: “ING Labs incubated Pyctor leveraging ING’s DLT expertise, deep digital assets knowledge and continuous feedback from regulators and network participants.
“We now have found the right partner in GMEX to scale Pyctor to the next stage. It brings the ideal connectivity between multiple trading parties and digital assets custodians, while addressing interoperability issues experienced in the market.”
Misra adds: “Pyctor’s decentralised network of institutional participants and MPC proprietary custody technology offering complements and strengthens the breadth of GMEX’s MultiHub ‘global network of networks’, as part of our strategic ethos of stimulating growth in the digital assets market.
“With this acquisition, GMEX Group consolidates its position as the first platform to offer an end-to-end multi-asset, multi-sector hybrid finance solution that bridges the gap between off-chain traditional finance and on-chain decentralised finance across jurisdictions.”
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