ING Bank’s Crypto Custody Platform Pyctor Sails to GMEX

ING Bank, an Amsterdam-based multinational financial firm founded in 1991, has recently announced that it spun out its crypto custody platform Pyctor to GMEX Group.

According to the official announcement issued on July 11th, GMEX, a London-based crypto-driven tech firm, purchased Pyctor for an undisclosed amount of money in a multi-million dollar deal.

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On top of that, as stated in the report, Hirander Misra, CEO of GMEX, will act as the chairman of Pyctor, with other appointments to be announced in the near future. Misra commented on the initiative and mentioned that it simply made sense:

“We’ve got a strong go to market with the likes of AWS and others, and the bank can capitalize on that. These networks are all about wider adoption, so getting beyond a single player or a small set of players.”

ING will reportedly continue working with GMEX’s Pyctor and collaborate through ING’s digital assets team.

Misra also noted that Pyctor was one of the best places where Pyctor could have landed. "One institution running a network on behalf of others doesn’t necessarily scale to the (same) extent as when it’s neutral," he added.

Olivier Guillaumond, the head of innovation labs at ING, stated that Pyctor "has been another innovation success story" after the firm previously rolled out Stemly, an automated supply chain forecasting platform, and finance startup. He added:

"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."

Pyctor, incubated in ING Neo’s Amsterdam innovation laboratory in partnership with significant financial institutions, including ABN, AMRO, BNPPSS, Citibank, and others, is a custody solution that allows users to control their digital assets after a trading process.

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