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Dutch bank ING sold GMEX Group the Pyctor, crypto custody platform

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Indrani bose Follow

INDIA

Jul, 15 2022

Jul, 15 2022

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The custody and post-trade infrastructure platform for cryptocurrencies, Pyctor, from the Netherlands-based Dutch banking group ING Bank, has been split out and is now a service provided by the digital asset focused trading technology platform GMEX group.

According to a press release, Hirander Misra, the chief executive officer CEO of GMEX, has been appointed chairman of Pyctor, and will continue to cooperate with the ING digital asset team. The agreement's financial details were kept secret. Gmex which is a London-based crypto-driven tech firm is now providing Pyctor as a service.

Hervé Francois, who is the CEO of Pyctor for four years as well as the digital assets lead at the Amsterdam-based multinational financial firm founded in 1991, ING Bank, stated in a direct message that he is leaving ING and has opted to focus on new ventures outside the bank.

The majority of banks made it apparent that they preferred "the blockchain" to cryptocurrencies, and they cooperated with one another in a number of pilot projects, private consortiums, and other initiatives. While this was going on, ING stood out by investigating cutting-edge encryption, such as zero-knowledge proofs. Pyctor has been another innovation success story at ING Neo, according to Olivier Guillaumond, who is the global head of ING's innovation laboratories and fintech. It is noted in a press release that Gmex would "scale Pyctor to the next stage."

To provide institutional participants with a seamless crypto trading environment, GMEX has partnered with Amazon Web Services (AWS).

What is Pyctor ?

Pyctor, a custody solution that enables consumers to govern their digital assets following a trading process. The technology was developed in partnership with significant financial institutions and regulators including ABN, AMRO, BNPPSS, Citibank, and others in ING Neo's Amsterdam innovation lab. Pyctor combines the hardware-based security valued by banks with software-based sharding of the keys required to move digital assets which is a process called "multi-party computation." Through the Travel Rule Protocol and Pyctor's travel rule module, ING has also addressed anti-money laundering (AML) for a cryptocurrency (TRP).

 


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Indrani bose

CBW - External Analyst

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