Pyctor, a project led by ING Bank in collaboration with ABN AMRO, BNP Paribas Securities Services, Citibank, Invesco, Société Générale – Forge, State Street, UBS and others, is a digital assets post-trade market infrastructure for global custodians, institutional issuers and other capital market actors. We empower you to securely issue, access and manage digital assets in a regulatory compliant manner.
Pyctor is part of the Cohort 6 of the FCA Regulatory sandbox.
Institutional adoption of digital assets has been challenging. Our partners and clients have shared their main challenges:
Risk of loss of Digital Assets due to hacks or misuse of their private keys when managing their tokens
Limited bank-grade infrastructure for Digital Assets that fits with existing market systems, counterparty risks and workflows as seen with traditional asset classes
Lack of clear Compliance, Risk, Legal and Regulatory framework for financial institutions to transact and safeguard digital assets like any other traditional asset classes
We at Pyctor believe that in order a banking grade safekeeping solution to be successful, it should approach the matter with regulatory first approach. Given that we are actively working with regulators across Europe.
Pyctor is part of FCA's cohort 6 of the regulatory sandbox. Alongside with operating under the UK regulations, our approach is striving for being compliant under French and Dutch laws.
Decentralized assets need a decentralized solution. Instead of going for a solution built in a silo architecture at one institution, Pyctor offers a unique proposition leveraging a global decentralized network of trusted financial institutions.
Collectively via a private DLT, Pyctor is solving the challenges of trust, transparency, efficiency and operability.
Technology is moving forward with incredible pace and because of that we believe that the infrastructures built should be sustainable. Applying that mindset to Pyctor, our solution is token and DLT agnostic, being resilient to the everchanging DLT world.
Currently we operate on Ethereum network, implemented wide range of ERC token standards and daily exploring new possible DLTs suitable for our infrastructure.
As the control point of digital assets is attributed to the safekeeping of private keys, Pyctor is introducing a distributed wallet management model for the purpose of increasing transaction authorization controls and enhanced security in eliminating the single-point-of-failure, inherent to the management of private key material, that most other safekeeping solutions are facing.
On top of managing digital assets for custodians, Pyctor is also designed to provide support, for private key management of smart contracts, for issuers. Token issuers can delegate Pyctor to manage private keys (at the smart contract level), which may be used for life cycle events on the token by the smart contract itself.
Compliance does not mean just local jurisdictions, but globally as well. That is why we have created Pyxis - registration module compliant with Financial Action Task Force Recommendation 16 - Travel Rule.
Alongside with Standard Chartered, we have created a working group with 10+ financial institutions, working actively on Travel Rule compliant tool, suitable for European and Asian regulations.
Hervé has some 20 years of experience in financial markets as a quant, structurer and trader in New York, Tokyo, Hong Kong, Paris and Amsterdam at Société Générale, Natixis and ING. He joined ING Labs / Blockchain team in 2016 where he has led several initiatives, including HQLAx and Pyctor while being ING point of contact for Digital Assets both internally (for digital assets strategy) and externally (press). He is also a co-founder of DePhi Bank.
Recognized thought leader on the blockchain scene where he participates in various workgroups with regulators (EBF, EBA, EU Blockchain forum, World Economic Forum), he is a regular speaker at various conferences on blockchain. He is also co-chair for the custody stream of Global Digital Finance (GDF) where he contributes to build the ecosystem.
He holds a Master’s Degree in Computer Science, a Master of Science in Finance and he is an executive MBA candidate class of 2020-2022 at HEC - Paris.
Nicolas has 16 years of experience as a credit derivatives and options trader at Credit Suisse, Barclays and RBS in London (8 years) then as a co-founder and managing partner of a multi-million revenue e-commerce in Brazil (6 years), which he exited successfully as well as an advisor to the CEO of a security & defense startup (4 years).
He joined ING Labs - Pyctor in March 2019 where his involvement spanned across different areas (tech development, business, strategy and funding). He is also a co-founder of DePhi Bank.
He holds a Master’s degree in Computer Science from EISTI - Cergy, France and a MSc in Mathematical Trading and Finance from Cass Business School - London, UK.
Antoine has 11 years of experience as a software engineer across different industries. He worked for Philips, ASML and a startup company before joining ING in 2015, where he first worked on the IBC payment channel.
He later joined the ING Blockchain/DLT program and contributed to the development of the HQLAx project, a DLT based securities lending application. He started as the CTO of Pyctor since the inception of the project.
He holds a Master’s degree in Computer Science from ENIB engineering school.
Petar has 4 years of professional experience in the field of international financial and corporate law with multinational client-entities. Has led and represented his employer at a DLT-based KYC/AML system project for shareholder registers among the 5 largest global “Trust Company” providers. He has been involved in custody licensing requirements and advising funds on AIFMD.
He Holds an LLB from the Hague University and is to receive his LLM in Corporate and Commercial law from Maastricht University, pending on thesis submission.
Amit has 13 years of experience in the financial markets and has worked in Mumbai, Singapore and currently based in Amsterdam. He started his career as a software engineer with Tata Consultancy Services, and joined ING in 2009 as a business analyst. Over the years he has held various roles as a scrum master, team lead, migration lead. Amit specializes in fixed income products, settlements, liquidity management, collateral, and payments. He has been part of the core team in implementing MIFID2 and EMIR in ING. Amit has been part of Pyctor since 2018.
He holds a Master’s degree in Computer Applications from BIT Mesra, India.