Sygnum Expands Custody Offerings with Deribit Partnership
Crypto bank Sygnum has made significant strides by expanding its custody platform to incorporate the renowned options exchange, Deribit. This collaboration between Sygnum and Deribit is now enhanced by the integration of Fireblocks’ “Off Exchange” service, a solution that empowers traders to effectively “mirror” their assets held in custody on a trading platform.
This innovative approach allows traders to securely hold their assets within a regulated banking environment while still gaining access to the extensive liquidity that Deribit offers. According to an announcement made on Wednesday and shared with CoinDesk, this partnership represents a noteworthy advancement in the crypto space.
Recent events have underscored the importance of safeguarding assets in the volatile world of cryptocurrency. Last month, traders were jolted by the alarming $1.4 billion hack of Bybit, attributed to the infamous North Korean hacking group, Lazarus. This incident served as a stark reminder of the inherent risks involved in keeping assets on exchanges.
Dominic Lohberger, Chief Product Officer at Sygnum, commented, “Counterparty risk awareness in the crypto sector comes in waves, and the recent significant cyber-attack has sparked one of the most substantial movements towards derisking exchanges since the FTX incident.”
Based in Zurich, Sygnum has achieved remarkable success, attaining a valuation exceeding $1 billion following a notable $58 million funding round in January. The bank is duly licensed in Switzerland, as well as in Luxembourg and Singapore. On the other hand, Deribit stands out as one of the leading derivatives exchanges globally, boasting a staggering trading volume that surpassed $1 trillion in 2024, with its options volume alone reaching an impressive $743 billion.
