Sygnum adds off-exchange crypto custody to Deribit with Fireblocks tech

Cryptocurrency banking steadfast Sygnum is partnering with crypto derivatives speech Deribit to supply its off-exchange custody platform, Sygnum Protect.

On March 5, Sygnum officially announced the enlargement of Sygnum Protect, its off-exchange custody platform, to see Deribit, 1 of the world’s largest derivatives exchanges successful crypto.

This caller integration enables organization Deribit traders to clasp their assets successful Sygnum’s institutional-grade custody portion accessing Deribit’s wide trading offering and liquidity.

“This integration provides organization traders with some the capabilities and information assurances they necessitate to commercialized immoderate of Deribit’s starring products comfortably,” Deribit CEO Luuk Strijers said.

Crypto infrastructure steadfast Fireblocks involved

Deribit’s integration of Sygnum Protect involves collaboration with the crypto infrastructure steadfast Fireblocks, which provided its off-exchange solution enabling trades to reflector assets held successful Sygnum’s custody to Deribit.

“This integration with Sygnum Protect and Deribit demonstrates the powerfulness of Fireblocks Off Exchange,” Fireblocks CEO Michael Shaulov said, adding:

“Exchanges and custodians tin present leverage our standardized integration without requiring customized improvement — accelerating organization adoption truthful assets tin beryllium securely held via regulated slope custody.”

According to the firms, the integration mitigates counterparty risks portion trading connected exchanges and provides further extortion against progressively blase cybersecurity attacks.

This is simply a processing story, and further accusation volition beryllium added arsenic it becomes available.