Sygnum, a cryptocurrency banking firm, has joined forces with Deribit, a leading crypto derivatives exchange. The partnership involves Sygnum providing its off-exchange custody platform, Sygnum Protect, to Deribit.
On March 5, Sygnum announced the expansion of Sygnum Protect to include Deribit. This integration offers institutional traders the ability to hold their assets in Sygnum’s secure, institutional-grade custody while still gaining access to Deribit’s diverse trading options and high liquidity.
“This integration provides institutional traders with both the capabilities and security assurances they require to trade any of Deribit’s leading products comfortably,” stated Luuk Strijers, CEO of Deribit.
The integration of Deribit with Sygnum Protect was facilitated by Fireblocks, a crypto infrastructure firm. Fireblocks provided its off-exchange solution, allowing trades to reflect assets held in Sygnum’s custody on Deribit’s platform.
“This integration with Sygnum Protect and Deribit demonstrates the power of Fireblocks Off Exchange,” said Michael Shaulov, CEO of Fireblocks, 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 both firms, this integration helps reduce counterparty risks associated with exchange trading and provides additional protection against increasing cybersecurity threats. The partnership represents a significant step toward improving the security and efficiency of institutional cryptocurrency trading.
This is a developing story, and updates will be provided as more information becomes available.
