Sygnum Bank Enhances Custody Services to Incorporate Leading Crypto Options Exchange Deribit
Sygnum has expanded its custody platform to include the world’s leading options exchange, Deribit. This partnership integrates Fireblocks’ “Off Exchange” service that allows traders to mirror their assets held in custody on a trading platform.
Key Takeaways:
- Sygnum and Deribit have partnered to enhance their custody services.
- The integration of Fireblocks’ service allows regulatory compliance while accessing Deribit’s liquidity.
- Recent incidents, like the $1.4 billion hack of Bybit, remind traders of the risks of holding assets on exchanges.
Sygnum’s Chief Product Officer, Dominic Lohberger, noted,
“Counterparty risk awareness in crypto comes in cycles, and the recent major cyber-attack has triggered one of the largest waves of exchange derisking since FTX.”
“La conciencia del riesgo contraparte en cripto viene en ciclos, y el reciente ciberataque importante ha desencadenado una de las mayores olas de desriesgo de intercambios desde FTX.”
Sygnum is based in Zurich and has licenses in Switzerland, Luxembourg, and Singapore. The bank raised its valuation to over $1 billion following a $58 million funding round. Meanwhile, Deribit is recognized for its substantial trading volumes, exceeding $1 trillion in 2024, with options volume alone reaching $743 billion.
