ING Spins Out Pyctor Digital Assets Technology to GMEX Group

Published on:
by KnowESG
tinywow upscale 3381198

ING announced today that it has spun out Pyctor to GMEX Group, a leader in 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 highly 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 asset knowledge, and continuous feedback 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 asset custodians while addressing interoperability issues experienced in the market.”

Hirander Misra, CEO of GMEX Group, said: “Pyctor’s decentralised 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 asset 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 Decentralised 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 empower financial market participants to securely issue, access, manage, store, and transact digital assets in a regulatory-compliant manner alongside their traditional assets.

Source: EINPresswire

For more technological news

Share:
esg
esg
esg
esg

Tech Headlines

Active Impact Investments Raises $110M to Back Climate Tech Startups

Active Impact Investments Raises $110M to Back Climate Tech Startups

From Waste to Resource: Dow and Google Use AI to Recycle the Unrecyclable

From Waste to Resource: Dow and Google Use AI to Recycle the Unrecyclable

UK Firm Turns Captured CO2 into Materials for Roads, Buildings

Mobile CO₂ Capture Tech to Decarbonise Diesel Freight Trains

Coding for the Climate: Green Software Development That Cuts Waste and Carbon

MVGX and BDO Launch AI Tool to Cut ESG Reporting Time in Half

Adaptavate Raises £2.7m to Expand Low-Carbon Building Tech

Manchester Pilot Converts Wastewater Biogas into Clean Hydrogen

New Travel Decarbonisation Tech Emerges from UK Universities

Unusual Tie-Up: Pastry Shop Wastewater Repurposed to Tackle Pollution