Dutch ING Bank has transferred its cryptocurrency custody and post-trade infrastructure platform Pyctor to the trading technology platform Gmex Group, which specializes in digital assets. According to the press release, the duo will continue to work together and collaborate with ING’s digital assets team.
ING Bank Delivers Crypto Custody Platform Pyctor to Gmex
ING Bank transfers its crypto custody platform Pyctor to Gmex. After this agreement, GMEX CEO Hirander Misra was appointed as the chairman of Pyctor. Meanwhile, the financial terms of the step taken were kept confidential.
Many banks are more interested in blockchain than cryptocurrencies. Banks working in this field both follow each other in private consortia and develop pilot applications. In this competition, ING wants to differentiate itself from its competitors by discovering advanced cryptography such as Proof-of-Zero.
If we look at the details of Pyctor,
Pyctor was incubated in ING Neo’s innovation lab in Amsterdam. The technology combines the hardware-based security favored by banks with software-based fragmentation of keys used to move digital assets, known as multilateral computing (MPC).
“Following this successful exit, I have decided to focus on new efforts outside the bank,” Hervé Francois, Head of Digital Assets at ING Bank, who has been CEO of Pyctor for four years, told CoinDesk.
“After launching Stemly from ING Labs Singapore last year, Pyctor has become another innovation success story at ING Neo,” said Olivier Guillaumond, head of innovation labs at ING.
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