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


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).

Indrani Bose
CBW - External Analyst
INDIA