ING hands over its cryptocurrency platform to GMEX Group

The Dutch bank ING has completed the transfer of Pyctor, its main cryptocurrency custody and post-trade infrastructure solution, to GMEX Group, a company specializing in building infrastructure for digital assets. Hirander Misra, CEO of GMEX, will take on the role of chairman of Pyctor, which will continue to operate closely with ING. The financial terms of the deal were not publicly disclosed.

Pyctor: the crypto custody solution driven by ING

Pyctor was originally incubated within ING’s Neo innovation lab in Amsterdam. The platform integrates two different security approaches: hardware-based protection, preferred by traditional financial institutions, combined with software safeguards. The system implements key fragmentation to manage digital asset transfers, a mechanism known as multipartite computing that distributes control among multiple parties.

This dual security architecture positions Pyctor as a hybrid solution that meets the needs of both conventional banks and crypto ecosystem operators.

Neutrality strategy and market expansion

Misra compared this transfer to a similar move made by JPMorgan Chase years ago, when it spun off Quorum—a private blockchain platform derived from Ethereum—to transfer it to ConsenSys, a Brooklyn-based crypto technology company.

“For ING, it made sense to spin off Pyctor and become much more neutral,” Misra explained in a later statement. “We have a solid track record working with companies like Amazon Web Services and other infrastructures. By separating from the banking structure, Pyctor can expand its reach to broader networks seeking mass adoption, without being limited by a single actor.”

GMEX had previously established a strategic partnership with Amazon Web Services in December to strengthen cloud-based trading capabilities.

Leadership changes in the sector

Hervé Francois, who led ING’s digital assets division and served as CEO of Pyctor for four years, has announced his departure from the bank. This leadership change reflects the internal reorganization accompanying the transfer of operations.

Meanwhile, the crypto sector is experiencing other significant executive moves. Nicholas Hammer, co-founder of Blockfills, has stepped down as CEO of this crypto lending platform. Based in Chicago, the company processed over $60 billion in trading volume during 2025 and faced pressures during a broad market downturn in February. It is currently seeking potential buyers for the operation.

Implications for ING and crypto infrastructure

The transfer of Pyctor marks a deliberate strategy by ING to detach from direct cryptocurrency operations, allowing the platform to evolve under leadership focused on digital assets. This separation strengthens ING’s position in traditional sectors while enabling Pyctor to access broader markets within the crypto ecosystem with greater operational independence.