ING has spun out its institutional-grade digital custody platform Pyctor to market operator GMEX.
Pyctor provides safekeeping and transactional network services for a broad range of digital assets, as well as delivering interoperability between permissioned and public blockchains. The platform was incubated in ING Neo’s Amsterdam innovation lab, in collaboration with major financial institutions and regulators.
GMEX intends to run Pyctor as part of its MultiHub platform, a cloud-based service that integrates traditional and decentralised finance.
Olivier Guillaumond, global head of innovation labs & fintechs, ING comments: “After spinning out Stemly last year from ING Labs Singapore, Pyctor has been another innovation success story at ING Neo. ING Labs incubated Pyctor leveraging ING’s DLT expertise, deep digital assets knowledge and continuous feedbacks 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.”
GMEX chief Hiranda Misra will act as chairman of Pyctor pending other senior appointments from the industry in due course.
Says Misra: “Pyctor’s decentralised network of institutional participants and Multi-Party Computation (MPC) proprietary custody technology offering compliments and strengthens the breadth of GMEX’s MultiHub.
"With this acquisition, GMEX Group consolidates its position as the first platform to offer an end-to-end multi-asset, multi-sector Hybrid Finance (HyFi) solution that bridges the gap between off-chain traditional finance and on-chain decentralised finance across jurisdictions.”