ING Bank announced that it has transferred its digital asset storage solution Pyctor to market infrastructure provider GMEX Group.

Announced today: GMEX Group acquires Pyctor. #digital asset #post trade network and #MPC Storage technology from ING. Pyctor will be an integral part of MultiHub and our first end-to-end location. #hfi solution bridge #tradfi and #DeFi spacehttps://t.co/WtjPtuVbGW

— GMEX (@GMEX_Group) 11 July 2022

“Pyctor’s digital post-commerce infrastructure technology is designed for firms operating in regulated environments. It provides highly secure storage and transactional network services for a wide variety of digital assets, as well as interoperability between public and private blockchains.

Pyctor was developed by the ING Neo Innovation Lab in collaboration with major financial institutions.

Once purchased, the custody platform will become a service offering under GMEX. Hirander Misra was appointed president of Pyctor.

The bank will continue to interact with the platform through its digital asset group.

“Pyctor has been another innovation success story at ING Neo. “The lab incubated the project using the bank’s experience, deep knowledge of digital assets, and ongoing feedback from regulators and network participants,” said Oliver Guillaumont, head of innovation and fintech at ING.

At GMEX, the bank found “the right partner to take Pyctor to the next level”.

With the acquisition, GMEX Group strengthens its position as the first platform to offer a comprehensive multi-asset and industry hybrid finance (HyFi) solution that bridges the gap. trade and DeFi in different jurisdictions,” Misra said.

Recall that in June, the financial holding Citigroup, which participated in the development of Pyctor, announced that it was launching its own custody platform for digital assets.

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