ING Bank-Backed Crypto Trade Platform Pyctor Is Raising Money

The digital assets post-trade collaboration also involves Citi, State Street, UBS and others.

AccessTimeIconFeb 16, 2021 at 12:48 p.m. UTC
Updated May 9, 2023 at 3:15 a.m. UTC

Pyctor, which provides the so-called "plumbing" or infrastructure that allow other platforms to handle their crypto and digital assets after trades have been completed, is in the process of raising money.

Led by Netherlands-based ING Bank, Pyctor is a collaboration involving ABN AMRO, BNP Paribas Securities Services, Citibank, Invesco, Société Générale – Forge, State Street, UBS and others.

  • AI Tokens Surge as Nvidia Becomes World’s Most Valuable Company
    00:47
    AI Tokens Surge as Nvidia Becomes World’s Most Valuable Company
  • MicroStrategy Buys 11.9K More Bitcoin; SEC Ends Probe Into Consensys
    01:56
    MicroStrategy Buys 11.9K More Bitcoin; SEC Ends Probe Into Consensys
  • CoinFund President on Navigating the 'Macro Noise'
    17:16
    CoinFund President on Navigating the 'Macro Noise'
  • Has Crypto Become Political?
    00:51
    Has Crypto Become Political?
  • ING blockchain lead Herve Francois, who is overseeing development of the project, said Pyctor has been incorporated and is raising external money.

    “I can tell that we are looking for external investors for Pyctor (be it financial institutions or Venture Capitalists) to capture the exponential growth in digital assets that we are currently witnessing,” Francois told Coindesk.  

    Francois said he could not comment on the amount being raised or if the project’s member banks were also taking part in the investment round. 

    Pyctor, which is part of the Cohort 6 of the U.K.’s Financial Conduct Authority Regulatory sandbox, is a digital asset post-trade market infrastructure for global custodians, institutional issuers and other capital market actors.  

    “We are moving forward. We have done a production-ready launch of Pyctor and have started onboarding clients now,” Francois said. “We are using MPC [multi-party-computation] in the Pyctor operating model and have also released the open source code.”

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Read more about