{"id":472835,"date":"2022-07-11T14:34:10","date_gmt":"2022-07-11T11:34:10","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/dutch-bank-ing-sells-digital-asset-tool-pyctor-to-gmex\/"},"modified":"2022-07-11T14:34:10","modified_gmt":"2022-07-11T11:34:10","slug":"dutch-bank-ing-sells-digital-asset-tool-pyctor-to-gmex","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/dutch-bank-ing-sells-digital-asset-tool-pyctor-to-gmex\/","title":{"rendered":"# Dutch bank ING sells digital asset tool Pyctor to GMEX"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3be6ab6b637\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3be6ab6b637\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/dutch-bank-ing-sells-digital-asset-tool-pyctor-to-gmex\/#%E2%80%9D_Dutch_bank_ING_sells_digital_asset_tool_Pyctor_to_GMEX_%E2%80%9C\" >&#8221; Dutch bank ING sells digital asset tool Pyctor to GMEX &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Dutch_bank_ING_sells_digital_asset_tool_Pyctor_to_GMEX_%E2%80%9C\"><\/span>&#8221; Dutch bank ING sells digital asset tool Pyctor to GMEX &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvMTRkNTVhM2MtNzExMC00MzJiLWJiNWMtYzRmMDk0ZDEwYzY2LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>ING Group, Dutch multinational banking and financial services corporation, has spun out its digital asset business Pyctor to multi-asset trading infrastructure firm GMEX.<\/p>\n<p>GMEX has acquired ING\u2019s institutional-grade digital asset custody solution Pyctor in a multi-million dollar deal, the companies said in a joint announcement on Monday.<\/p>\n<p>The Pyctor offering compliments GMEX\u2019s MultiHub service, an institutional cross-platform business launched last year with the mission to bridge the gap between centralized finance (CeFi) and decentralized finance (DeFi), GMEX CEO Hirander Misra told Cointelegraph.<\/p>\n<p>Pyctor expands MultiHub with a number of digital asset-focused capabilities, including smart contract features, post-trade custodial and institutional network capabilities like fragmentation of private keys.<\/p>\n<p>Pyctor is also designed to support regulatory compliance, including a major Anti-Money Laundering framework by the Financial Action Task Force (FATF) referred to as the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">Travel<\/a> Rule.\u00a0<\/p>\n<p>\u201cThere is a market need for this type of offering built by a bank for banks, asset managers and corporate clients, which can now operate in a neutral environment for institutional participants,\u201d Misra said. Institutions are increasingly seeking to expand their capabilities into digital assets trading and settlement in a way that is interoperable with existing CeFi systems and asset classes, the CEO added, stating:<\/p>\n<blockquote><p>\u201cThis calls for the need for hybrid finance, or HyFi, which delivers a hybrid digital market infrastructure solution with interoperability of multiple blockchains and API integration into traditional systems to ensure a cohesive <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach.\u201d<\/p><\/blockquote>\n<p>ING started Pyctor as a project incubated out of its innovation arm ING Labs in Amsterdam in 2018. Pyctor\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> manages private keys by fragmenting and distributing them among blockchain nodes hosted by regulated institutions.\u00a0<\/p>\n<p>ING completed Pyctor\u2019s first proof of concept in 2019 and then formed a working group for sandbox trials, including participation from major global banks and firms like BNP Paribas, Citi, ABN AMRO, Societe <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a>e, Invesco, UBS, State Street, Forge and others.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>JPMorgan trials blockchain for collateral settlement in after-hours trading<\/em><\/strong><\/p>\n<p>As previously reported by Cointelegraph, ING has been working on proprietary cryptocurrency custody technology tools since at least 2019 alongside many other blockchain-related activities. In 2021, ING conducted a trial of a DeFi peer-to-peer lending protocol with the Netherlands Authority for the Financial Markets.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/dutch-bank-ing-sells-digital-asset-tool-pyctor-to-gmex\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Dutch bank ING sells digital asset tool Pyctor to GMEX &#8220; ING Group, Dutch multinational banking and financial services corporation, has spun out its digital asset business Pyctor to multi-asset trading infrastructure firm GMEX. GMEX has acquired ING\u2019s institutional-grade digital asset custody solution Pyctor in a multi-million dollar deal, the companies said in a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":472836,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvMTRkNTVhM2MtNzExMC00MzJiLWJiNWMtYzRmMDk0ZDEwYzY2LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,79786,79096,71939,117,18776,70934],"class_list":["post-472835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-digital-asset","tag-fatf","tag-banks","tag-business","tag-netherlands","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/472835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=472835"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/472835\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/472836"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=472835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=472835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=472835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}