Sygnum Expands Custody Services with Deribit to Enhance Trader Security Following Recent Cyber Attack

Sygnum, a Zurich-based crypto bank, has partnered with leading options exchange Deribit to expand its custody services. Leveraging Fireblocks' 'Off Exchange' service, traders can now mirror their assets held in custody while accessing Deribit's liquidity. This move comes in the wake of a recent $1.4 billion hack of Bybit, highlighting vulnerabilities associated with keeping assets on exchanges. Sygnum's chief product officer noted a significant rise in counterparty risk awareness among traders, echoing a broader trend of derisking since the FTX collapse. Sygnum's recent funding round valued the institution at over $1 billion, further solidifying its position in the crypto ecosystem.