- Pyctor is now public and is raising money
- The project is a collaborative venture of several bodies and is backed by the ING Bank
- The project lead has mentioned several important features and motives of the project in an interview
Pyctor has the ability to provide infrastructure for platforms that allow them to handle their cryptocurrencies and all other digital assets once the trading process is completed. This basically provides plumbing in the transaction of money among trades. This initiative’s leader includes the ING Bank of Netherlands, it is basically a collaboration between Pyctor and BNP Paribas Securities Service and ABN AMRO, Citibank, Societe Generale – Forge, State Street, UBS, Invesco, etc,.
Herve Francois, a lead of the ING Blockchain mentioned that Pyctor has been included and is successfully raising money. He basically oversees the development of the entire ongoing project. This happens to be an important report from the side of the blockchain company as the market needed to know the progress of the Pyctor project and therefore take the required steps on the reliability of the platform.
Important note from the project lead
As per lead of the Pyctor project, the project is aiming to attract more and more external investors in their project, so that they can start growing. They are ready to accept investments from both Venture Capitalists and financial bodies. Their motive lies basically to attract investors and then grow exponentially. This is to become more and more known in the market and pose a competition to its peers. These investments would help the project to increase their assets to greater levels. This would result in credible tradings.
Herve Francois was asked about the amount of money that had been raised so far. He did not have a choice to reveal it as the project was a collaboration and other banks were members. Therefore, confidentiality is of utmost importance for every business, so he did not provide any exact number for the funds for the project that has been raised so far.
The project Pyctor
The Financial Conduct Authority of the United kingdoms has labelled Pyctor as a part of the Cohort 6 of the Regulatory sandbox. In other words it is an infrastructure in the post trade market for global custodians. Other capital market actors and institutional issuers also play a role in it. As per the project lead the project is aiming to move much more ahead. They are also ready with a ready-launch for the project of Pyctor. They have also initiated the process of clients onboarding recently. It was also revealed that multi-party-computations are being used in the model operating for Pyctor. The project has also released its open source code to the public. So the project, Pyctor is all set to grow and expand in the coming days.
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