Swiss crypto bank Sygnum adds Deribit into off-exchange custody platform

Sygnum has expanded its off-exchange custody platform to include Deribit, the largest Bitcoin and Ethereum options trading platform.

Zurich-based cryptocurrency bank Sygnum has expanded its off-exchange custody service by including Deribit to the list of supported crypto exchanges. In a March 5 press release, the bank said the so-called Sygnum Protect leverages Fireblocks’ “Off Exchange” service, letting traders mirror their custodial assets on a trading platform.

“Counterparty risk awareness in crypto comes in cycles, and the recent major cyber-attack has triggered one of the largest waves of exchange derisking since FTX. It is yet another reminder that separating crypto custody from exchange trading is essential for security.”

Dominic Lohberger, Sygnum’s Chief Product Officer

Commenting on the partnership, Fireblocks chief executive Michael Shaulov said the integration shows the strength of the firm’s custody model as exchanges and custodians “can now leverage our standardized integration without requiring custom development — accelerating institutional adoption so assets can be securely held via regulated bank custody.”

Sygnum first launched its off-exchange custody service in early 2024. The bank says its Swiss banking license allows it to hold clients’ crypto assets and traditional securities off Sygnums balance sheet, which means these are “bankruptcy remote.”

In January, the bank secured $58 million in strategic funding at a $1 billion valuation. Fulgur Ventures was named a “cornerstone investor,” while the proceeds are expected to support multi-region market entry and expand the product portfolio “with focus on Bitcoin-technology,” the bank said.