ING sold its digital-asset custody platform.

ING Bank announced the transfer of the Pyctor digital-asset custody solution to market infrastructure provider GMEX Group.

Announced today: GMEX Group has acquired Pyctor, a #digitalasset #posttrade network and #MPC custodial technology, from ING. Pyctor will be integral to the MultiHub and our position as the first end-to-end #HyFi solution, bridging the #TradFi and #DeFi gaphttps://t.co/WtjPtuVbGW

— GMEX (@GMEX_Group) July 11, 2022

“The Pyctor post-trade digital infrastructure technology is designed for firms operating in regulated environments. It provides highly reliable custody and transactional network services for a wide range of digital assets, as well as interaction between public and private blockchains,” the press release states.

Pyctor has been developed in ING Neo’s innovation laboratory in collaboration with major financial institutions.

Following the acquisition, the custody platform will become a service offering within GMEX. Hirander Misra has been appointed Pyctor’s chairman.

The bank will continue to interact with the platform through its Digital Assets group.

“Through the GMEX Group’s acquisition, the company strengthens its position as the first platform offering a comprehensive HyFi solution with multi-asset and multi-sector capabilities, which bridges the gap between TradFi and DeFi across jurisdictions,” Misra noted.

Earlier in June, the financial conglomerate Citigroup, which was involved in developing Pyctor, announced the launch of its own custodial platform for digital assets.

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