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GMEX thinks that migrating from regulated asset classes into crypto would be an easier task with Pyctor.
Netherlands-based ING Bank has announced today that it is spinning off Pyctor – its post-trade solution for digital assets, to GMEX. The acquisition deal sees Pyctor become a service within the GMEX platform, following another spinoff by ING sometime last year. But although the deal is rumored to have run into millions of dollars, the financial terms haven’t been disclosed.
Speaking about the spinoff, however, the global head of innovation Labs & Fintechs at ING Olivier Guillaumond said:
“After spinning out Stemly last year from ING Labs Singapore, Pyctor has been another innovation success story at ING Neo.”
Why GMEX Acquired Pyctor from ING
Hirander Misra, the CEO of GMEX, has shed some light on why GMEX went for Pyctor in this deal. According to Misra, Pyctor possesses a major appeal that is quite different from what can be seen in most other solutions. This is because it was built right from the scratch after proper consideration of regulatory and security standards.
In fact, Pyctor’s has a product (Pyxis), which caters to these regulatory concerns, providing a solution for compliance with the FATF Travel rule for Anti-money laundering AML. And for that reason, GMEX thinks that migrating from regulated asset classes into crypto would be an easier task with Pyctor.
Interestingly, Misra was also appointed as the head of Pyctor. And according to a press release from moments ago, both GMEX and ING will continue to work hand in hand.
Expansion and Adoption Plans in Top Gear
Admittedly, GMEX CEO Hirander Misra has also claimed that the acquisition is a strategic one. According to him, the transaction was exactly aimed at accelerating the firm’s growth plan. This is because Pyctor already boasts of a rich network of institutional participants. And with such technological know-how, would provide GMEX with the much-needed strength to continue driving growth in the digital assets market.
Misra also reiterated how important these spinoffs and mergers are, towards a common crypto goal. “These networks are all about wider adoption, so getting beyond a single player or a small set of players,” added he.