GMEX Group Acquires ING’s Virtual Assets Platform, Pyctor
- ING has spun off Pyctor, making the platform an independent organization now owned by the GMEX group.
- Nevertheless, Pyctor will continue to work with ING’s team that deals with virtual assets.
A renowned Bank in the Netherlands identified as ING Bank has sold its crypto custody and post-trade system outlet, Pyctor. This is a result of a deal between ING bank and the GMEX group. Consequently, ING has spun off Pyctor, making the platform an independent organization owned by the GMEX group.
Notably, GMEX is a technology-oriented outfit that trades virtual assets of the GMEX group.
Pyctor Deal on the Table
Notably, Pyctor is a virtual post-trade market system initiative, designed for organizations functioning in a regulated market. The platform offers secured virtual custody, and transactional structure assistance for a variety of virtual assets. Additionally, it aids a synergy between private and public blockchains.
Before the Spin off, Pyctor operated within ING’s Neo Amsterdam Innovation Lab. This is in partnership with renowned organizations and regulators within the finance industry. Nevertheless, Pyctor will continue to work with ING’s team that deals with virtual assets.
Worth noting, CEO of GMEX, Hirander Misra will be the new chairman of Pyctor. During a press engagement, Misra divulged that it’s essential for ING to let go of Pyctor. The newly appointed Chairman said letting it go will give it a more neutral posture.
The Chairman compared the initiative to how JPMorgan Spun off enterprise Ethereum client Quorum. As a result, the firm evolved as a part of ConsenSys. The CEO added that Pyctor’s has every attribute to complement the operational system of GMEX. Misra revealed that acquiring the platform is a reflection of GMEX’s commitment to advancing the virtual assets market.
Furthermore, The CEO conceded that the innovation will cement GMEX’s status as a force to reckon with. Misra disclosed that the initiative will see GMEX emerge as the first that offers Multi-assets, Multi-sector Hybrid Finance (Hyfi) solutions. With emphasis, Misra uncovered that this service provides a link between off-chain Traditional Finance and Decentralized Finance. The combo of Pyctor and GMEX will aid investors to manage and carry out virtual assets transactions, the CEO added. Importantly, these features are by regulatory stipulations.
Side Notes
Meanwhile, The Global Head of Innovation Labs and Fintechs of ING, Olivier Guillaumond also aired his opinion. Guillaumond regarded the Spin-off of Pyctor as another success for ING. Oliver Guillaumond illustrated how ING found GMX as the appropriate collaborator to move Pyctor to the next level.
ING is an international institution that offers financial services. The institution also offers banking and finance operations via its subsidiary, ING Bank. A popular figure in the finance sector of Europe, ING has championed the course of empowering individuals. According to the group, the initiative will help them rise above life and business challenges. With a staff member of over 57,000, ING offers banking services to clients across 40 nations globally.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
