Swiss Sygnum Bank Enhances Crypto Security with Deribit Digital Asset Custody Collaboration
by aria-crypto.com
March 5, 2025 at 14:50
Swiss Sygnum Bank Enhances Crypto Security with Deribit Digital Asset Custody Collaboration
Switzerland-based digital asset bank Sygnum has expanded its crypto custody services to include Deribit, a prominent crypto options exchange.
This strategic move is designed to bolster investor security by leveraging the advantages of both institutions.
Sygnum and Deribit are implementing Fireblocks’ “Off Exchange” solution, enhancing the safekeeping of digital assets while facilitating active trading.
This integration also allows investors to store their funds in a regulated bank, reducing risks associated with exchange platforms.
The collaboration addresses heightened counterparty risks following recent significant cyberattacks in the crypto sector.
According to Sygnum's Chief Product Officer, Dominic Lohberger, the recent $1.4 billion hack by North Korea's Lazarus Group has intensified the push for decentralized risk management in crypto exchanges.
The demand for secure, regulated custody solutions has surged, driven by these security breaches.
By partnering with Sygnum, Deribit aims to provide its users with robust security features and reduce potential vulnerabilities associated with crypto exchanges.
With a recorded trading volume of over $1 trillion in 2024, Deribit emerges as a key player in the crypto derivatives market.
As the landscape in digital asset security evolves, institutional and retail investors are increasingly turning towards protected, bank-based storage solutions.
Read more
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