Sygnum Bank Expands Custody Services with Deribit Partnership
Sygnum has expanded its custody platform to include Deribit, a leading options exchange. This partnership utilizes Fireblocks' "Off Exchange" service, enabling traders to mirror assets held in custody while accessing Deribit's liquidity.
Key points:
- Traders can hold assets in a regulated bank and trade on Deribit.
- The expansion follows recent security concerns, highlighted by the $1.4 billion hack of Bybit.
- Sygnum's chief product officer noted increased awareness of counterparty risks in crypto.
- Sygnum is licensed in Switzerland, Luxembourg, and Singapore, with a valuation exceeding $1 billion.
- Deribit had a trading volume surpassing $1 trillion in 2024, with $743 billion from options alone.