ING Bank, a Netherlands-based multinational banking and financial services corporation, announced on Monday that it has spun off its institutional-grade digital custody platform Pyctor to GMEX Group.
The Dutch bank GMEX has acquired ING’s Pyctor digital asset custody tool in a multi-million-dollar deal. Pyctor provides safekeeping and transactional network services for a wide variety of digital assets and also enables interoperability between permissioned and public blockchains.
Pyctor will expand MultiHub with several digital asset management capabilities, including smart contract features and post-trade custodial and institutional network capabilities such as the fragmentation of private keys.
Furthermore, Pyctor is designed to support regulatory compliance, including anti-money laundering and counter-terrorist financing (AML/CFT) measures set by the Financial Action Task Force (FATF) framework.