ING Spins Out Pyctor Digital Assets Post-Trade Technology to GMEX Group

European banking group ING has spun out Pyctor, its institutional-grade custody solution for the digital asset ecosystem, to GMEX Group (‘GMEX’), the digital business and technology solutions provider for exchanges and post-trade market infrastructure. The Pyctor solution, incubated in ING Neo’s Amsterdam innovation lab, provides secure digital custody and transactional network services for a range of digital assets, as well as delivering interoperability between permissioned and public blockchains.

GMEX CEO Hirander Misra has been appointed Chairman of Pyctor, which is offered as a service within GMEX. ING will continue its relationship with Pyctor and collaborate through ING’s digital assets team.