GMEX acquires crypto custody platform Pyctor from ING

Rick Steves

“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.”

Dutch bank ING has spun out Pyctor, a startup providing digital post-trade market infrastructure, to GMEX Group, to strengthen its MultiHub platform, integrating traditional and decentralized finance.

ING hosted Pyctor in its ING Neo’s Amsterdam innovation lab, in collaboration with major financial institutions and regulators.

Pyctor, now a solution within GMEX, offers a regulatory-compliant digital assets network and custody technology for firms in need of digital custody and transactional network services for a broad range of digital assets. Pyctor also delivers interoperability between permissioned and public blockchains.

GMEX, will be able to combine Pyctor’s digital assets post-trade market infrastructure for global custodians, institutional issuers and other capital market actors with GMEX’s MultiHub in order to empower market participants to securely issue, access, manage, store and transact digital assets in a regulatory compliant manner alongside their traditional assets.

GMEX CEO Hirander Misra appointed Chairman of Pyctor

As a result of the acquisition, GMEX chief executive Hirander Misra has been appointed Chairman of Pyctor as the firm prepares further senior hirings.

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.

“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.”

Read this next

Industry News

Horizon Software rebrands to Horizon Trading Solutions

“Horizon Trading Solutions has seen accelerated global growth over the past year to meet the rising demand for our trading solutions and built-for-purpose technology offering. The choice to rebrand represents a key part of this development, while maintaining our heritage and history in the industry.”

Market News

USDJPY has surged to levels last witnessed in 2022. Should we consider opening a short position?

The recent resurgence of the US dollar has propelled USD/JPY to new heights, touching levels not seen since 2022. This surge comes against the backdrop of stable short-term yields and ongoing economic data that fails to signal a significant slowdown, prompting questions about the extent of current monetary easing measures.

Digital Assets

DED Trends on Twitter After Memecoin Snapshot Announcement

Polkadot-backed community coin #DED, made it to the trending charts on X, demonstrating community’s engagement and interest behind the memecoin. 

Digital Assets

BlockDAG Presale Nears $10 Million Amid Toncoin’s Momentum, Green Bitcoin’s Presale, and the Rise of Other Top Cryptos

This article will examine three top trending topics: Toncoin’s potential, Green Bitcoin’s innovative presale, and BlockDAG’s sustainable mining approach. These cryptocurrencies take centre stage for their uniqueness and innovation.

Digital Assets

Coinbase scores minor victory vs SEC, but lawsuit to proceed

A federal judge in Manhattan, U.S. District Judge Katherine Polk Failla, ruled on Wednesday that the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Coinbase can largely proceed.

Web3

COTI Teams Up with Civic for Enhanced Digital Identity Control

СOTI and Civic are teaming up to enhance digital identity security in Web3, aiming to provide users with more control over their digital selves through innovative technology.

Digital Assets

BlockDAG Takes on Chainlink (LINK) Crypto, and RON With DeFi Card and 5000x Profit Potential

Explore BlockDAG’s innovative DeFi card, which transforms cryptocurrency into spendable cash, alongside Chainlink (LINK) crypto and Ronin’s advancements.

Digital Assets

Court finally decides on Sam Bankman-Fried sentence, experts predict 20 years

Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, is set to face sentencing on Thursday in a pivotal moment that could see the entrepreneur beginning a lengthy period in federal prison.

Crypto Insider

DeFi Winter Thaws: A Look at the Emerging Landscape

The past year has seen a significant shift in the Decentralized Finance (DeFi) market, transitioning from a period of decline (“DeFi winter”) to a potential season of growth.

<