Sygnum, a cryptocurrency banking firm, has expanded its off-exchange custody platform, Sygnum Protect. This enhancement now includes a partnership with Deribit, a leading crypto derivatives exchange, allowing for secure asset storage while utilizing the exchange’s trading options.

This collaboration provides institutional traders on Deribit with the ability to store their assets in Sygnum’s institutional-grade custody. The CEO of Deribit emphasized that this integration offers essential capabilities and security assurances necessary for institutional trading.

Furthermore, the partnership involves Fireblocks, a crypto infrastructure firm, which has played a crucial role in facilitating this integration. Their off-exchange solution allows trades to reflect assets held in Sygnum’s custody, demonstrating the effectiveness of standardized integrations without the need for custom development. This initiative aims to:

• Boost institutional adoption
• Reduce counterparty risks
• Enhance protection against advanced cybersecurity threats

📎 Related coverage from: cointelegraph.com