11 July 2022 - ING announced today that it has spun out Pyctor to GMEX Group (‘GMEX’), a digital business and technology solutions for exchanges and post-trade market infrastructure.
Pyctor’s digital post-trade market infrastructure technology is designed for firms operating in regulated environments. It provides secure digital custody and transactional network services for a broad range of digital assets, as well as delivering interoperability between permissioned and public blockchains. Pyctor was incubated in ING Neo’s Amsterdam innovation lab, in collaboration with major financial institutions and regulators.
Pyctor is now a service offering within GMEX. Hirander Misra is appointed Chairman of Pyctor with other senior appointments to be announced in due course. ING will continue its relationship with Pyctor and collaborate through ING’s digital assets team.
Olivier Guillaumond, Global head of innovation Labs & Fintechs, ING commented: “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.”
Hirander Misra, CEO of GMEX Group said: “Pyctor’s decentralized network of institutional participants and Multi-Party Computation (MPC) proprietary custody technology offering compliments 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".
He added: “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 (TradFi) and on-chain Decentralized Finance (DeFi) across jurisdictions."
Combining the Pyctor digital assets post-trade market infrastructure for global custodians, institutional issuers and other capital market actors with GMEX’s MultiHub will allow financial markets participants to issue, access, manage, store and transact digital assets in a regulatory compliant manner alongside their traditional assets
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