Sygnum Expands Custody Platform with Deribit

Crypto bank Sygnum has expanded its custody platform to include the world’s leading options exchange, Deribit.

Sygnum and Deribit are now utilizing crypto custodian Fireblocks’ “Off Exchange” service. This service allows traders to essentially “mirror” their assets held in custody on a trading platform.

Traders can now hold their assets in a regulated bank while accessing the deep liquidity of Deribit, according to an announcement shared with CoinDesk on Wednesday.

Last month, traders were reminded of the risks associated with keeping assets on exchanges due to the $1.4 billion hack of Bybit by the North Korean group, Lazarus.

“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,” stated Sygnum’s chief product officer, Dominic Lohberger.

Zurich-based Sygnum, valued at over $1 billion following a $58 million funding round in January, is licensed in Switzerland, Luxembourg, and Singapore.

Deribit is a leading derivatives exchange, with a trading volume exceeding $1 trillion in 2024. Its options volume alone reached $743 billion.