Crypto Options Exchange Deribit to Use Custody Service Sygnum

Sygnum and Deribit Now Use 'Off Exchange' Service from Cryptocurrency Custodian Fireblocks

March 5, 2025, 10:10 UTC

What is important to know:

• Crypto bank Sygnum has enhanced its custody platform by adding the world's leading options exchange Deribit.
• Sygnum and Deribit now use Fireblocks' “Off Exchange” service, allowing traders to effectively “copy” their assets held on the trading platform.
• Last month, traders were given a nasty reminder of the risks of storing their assets on the exchange due to the $1.4 billion Bybit hack.

Crypto bank Sygnum has enhanced its custody platform by adding the world's leading options exchange Deribit.

Sygnum and Deribit are now using the “Off Exchange” service from cryptocurrency custodian Fireblocks, allowing traders to effectively “duplicate” their assets held on the trading platform.

This will give traders the ability to store their assets in a regulated bank while still having access to Deribit's deep liquidity, according to a report published by CoinDesk on Wednesday.

Last month, traders were given a nasty reminder of the risks of keeping their assets on the exchange following the $1.4 billion hack of Bybit by North Korean group Lazarus.

“Awareness of counterparty risk in cryptocurrency is cyclical, and the recent major cyberattack has triggered one of the most significant waves of de-risking on exchanges since FTX,” said Dominik Lochberger, chief product officer at Sygnum.

Sygnum is headquartered in Zurich and was valued at over $1 billion after a $58 million funding round in January. The company has licenses in Switzerland, as well as Luxembourg and Singapore.

Deribit is one of the world's leading derivatives exchanges, with trading volumes exceeding $1 trillion in 2024. Options trading volume alone on the exchange reached $743 billion.

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