TechFlow news, March 5 — According to CoinDesk, cryptocurrency bank Sygnum has expanded its custody platform to the crypto options exchange Deribit. Sygnum and Deribit are now leveraging Fireblocks' "Off Exchange" service, a custody solution that enables traders to hold assets within a regulated bank while maintaining access to Deribit's deep liquidity.
The service effectively allows traders to "mirror" their assets on the custody platform, offering enhanced security without sacrificing trading convenience. This collaboration gains particular significance following last month's $1.4 billion hack of Bybit by the North Korean hacking group Lazarus. "Counterparty risk awareness in crypto moves in cycles," said Sygnum Chief Product Officer Dominic Lohberger. "Recent major cyberattacks have triggered the largest wave of exchange risk reduction since the FTX collapse."
Zurich-based Sygnum, which secured over $100 million in valuation after raising $58 million in January, currently holds licenses in Switzerland, Luxembourg, and Singapore.
