Cryptocurrency banking firm Sygnum is partnering with crypto derivatives exchange Deribit to provide its off-exchange custody platform, Sygnum Protect.
On March 5, Sygnum officially announced the expansion of Sygnum Protect, its off-exchange custody platform, to include Deribit, one of the world’s largest derivatives exchanges in crypto.
This new integration enables institutional Deribit traders to hold their assets in Sygnum’s institutional-grade custody while accessing Deribit’s broad trading offering and liquidity.
“This integration provides institutional traders with both the capabilities and security assurances they require to trade any of Deribit’s leading products comfortably,” Deribit CEO Luuk Strijers said.
Crypto infrastructure firm Fireblocks involved
Deribit’s integration of Sygnum Protect involves collaboration with the crypto infrastructure firm Fireblocks, which provided its off-exchange solution enabling trades to mirror assets held in Sygnum’s custody to Deribit.
“This integration with Sygnum Protect and Deribit demonstrates the power of Fireblocks Off Exchange,” Fireblocks CEO Michael Shaulov said, adding:
“Exchanges and custodians can now leverage our standardized integration without requiring custom development — accelerating institutional adoption so assets can be securely held via regulated bank custody.”
According to the firms, the integration mitigates counterparty risks while trading on exchanges and provides additional protection against increasingly sophisticated cybersecurity attacks.
This is a developing story, and further information will be added as it becomes available.
