ING Hands Digital Assets Technology to GMEX
Posted by Colin Lambert. Last updated: July 11, 2022
ING has spun off its digital assets post-trade infrastructure solution Pyctor to GMEX Group.
The solution is designed for firms operating in regulated environments and provides digital custody and transactional network services for a range of digital assets, as well as delivering interoperability between permissioned and public blockchains. The firms say combining it with GMEX’s MultiHub will “empower financial markets participants to securely issue, access, manage, store and transact digital assets in a regulatory compliant manner alongside their traditional assets”.
Pyctor was incubated in ING Neo’s Amsterdam innovation lab, in collaboration with major financial institutions and regulators. Under the GMEX umbrella, Hirander Misra has been appointed chairman 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, the bank says.
“After spinning out Stemly last year from ING Labs Singapore, Pyctor has been another innovation success story at ING Neo,” says Olivier Guillaumond, global head of innovation labs and fintechs at ING. “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.”
Misra adds, “Pyctor’s decentralised network of institutional participants and multi-party computation 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.”