CoinDesk Analysis Team
Netherlands-based ING Bank has spun off Pyctor, its cryptocurrency custody and post-trade infrastructure platform, which becomes a service offering within GMEX, a trading technology platform specializing in digital assets.
GMEX CEO Hirander Misra was appointed chairman of Pyctor, which will continue to work with the bank and collaborate with ING’s digital assets team, according to a press release. The financial terms of the arrangement were kept private.
Most banks showed a clear preference for “the blockchain” rather than cryptocurrency, and followed one another in various pilot schemes and private consortia and so on. Meanwhile, ING distinguished itself by exploring advanced cryptography, such as zero-knowledge proofs.
Pyctor, which was incubated in ING Neo’s Amsterdam innovation lab, combines hardware-based security favored by banks with software-based sharding of the keys used to move digital assets, known as multi-party computation (MPC). ING has also tackled anti-money laundering (AML) for crypto via Pyctor’s travel rule module, and also through the bank’s participation with the Travel Rule Protocol (TRP).
GMEX chief Misra said the move was in some way comparable to JPMorgan spinning off enterprise Ethereum client Quorum, which became part of Brooklyn-based ConsenSys. For its part, GMEX has formed a partnership with Amazon Web Services (AWS) to deliver a seamless crypto trading environment for institutional players.
“It made sense for ING to spin Pyctor out and then it becomes much more neutral,” said Misra in an interview. “We’ve got a strong go to market with the likes of AWS and others, and the bank can capitalize on that. These networks are all about wider adoption, so getting beyond a single player or a small set of players.”
Digital Assets Lead at ING Bank Hervé Francois, who was also CEO of Pyctor for four years, said “after this successful exit, I have decided to focus on new endeavors outside the bank,” via a direct message to CoinDesk.
“After spinning off Stemly last year from ING Labs Singapore, Pyctor has been another innovation success story at ING Neo,” said ING’s head of innovation labs Olivier Guillaumond in a statement.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Bitcoin price tried to breach through the significant and high-time frame resistance barrier but failed. As a result, the downswing that emerged pushed BTC lower and the June 11 sell-off has currently pushed it below the $20,000 psychological level.
Tezos price action has formed an ascending triangle, hinting at a bullish outlook. However, considering the bearish backdrop, investors can expect a bearish breakout. A decisive daily candlestick close below $1.33 could trigger a 29% crash to $1.07.
Solana price shows strong macro technicals. Defining the true market bottom will be more challenging as SOL price could continue falling to $17.
Ethereum price could commence another liquidity hunt targeting $950. The bulls will need to step in soon to alter the bearish narrative, as market sentiment alone is failing to reach higher targets of anticipated bullrun.
Bitcoin price is attempting to move higher against a massive cluster of resistance levels, all of which are working to stop its bullish momentum. Investors need to be careful trading around this level as it could witness some serious volatility in the market.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
CoinDesk Analysis Team