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GMEX, a trading technology platform specializing in digital assets, has acquired the institutional crypto custody platform from ING Bank.
GMEX Group Acquires Pyctor
According to an official press release from today, Netherland-based ING Bank's Pyctor, which provides decentralized custody and settlement for institutions, has been acquired by GMEX, a provider of institutional trading technology. Pyctor was incubated in ING Neo's Amsterdam innovation lab which combines hardware-based security favored by banks with software-based sharding of the keys used to move digital assets, known as multi-party computation (MPC). ING has also tackled anti-money laundering (AML) for crypto via Pyctor's travel rule module, and also through the bank's participation with the Travel Rule Protocol (TRP). Pyctor is now a service offering within GMEX. Hirander Misra is appointed Chairman of Pyctor with other senior appointments to be announced in due course. ING will continue its relationship with Pyctor and collaborate through ING's digital assets team. Commenting on the move, Hirander Misra, CEO of GMEX Group said:
"With this acquisition, GMEX Group consolidates its position as the first platform to offer an end-to-end multi-asset, multi-sector Hybrid Finance solution that bridges the gap between off-chain Traditional Finance and on-chain Decentralized Finance across jurisdictions."
GMEX is over a decade old and started in traditional finance, developing exchanges, matching engines, clearing, settlement, and custodial solutions. It has multiple offerings, including its MultiHub solution, which supports both traditional and digital assets in an effort to bridge the traditional and digital asset spaces.