Today ING announced that it has spun out its post-trade solution for digital assets, Pyctor, which provides decentralized custody and settlement for institutions. In a multi-million dollar deal, the technology has been acquired by GMEX, a provider of institutional trading technology and the tech partner for TP ICAP’s digital assets offering.
“After spinning out Stemly last year from ING Labs Singapore, Pyctor has been another innovation success story at ING Neo,” said Olivier Guillaumond, Global head of innovation Labs & Fintechs, ING.
Pyctor’s solution enables digital asset private keys to be fragmented and spread amongst blockchain nodes hosted by regulated institutions, using multi party computation (MPC). The offering supports both public and permissioned blockchains.
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