Cryptocurrency banking agency Sygnum is partnering with crypto derivatives alternate Deribit to offer its off-exchange custody platform, Sygnum Shield.
On March 5, Sygnum formally announced the growth of Sygnum Shield, its off-exchange custody platform, to incorporate Deribit, one of many world’s largest derivatives exchanges in crypto.
This new integration allows institutional Deribit merchants to carry their property in Sygnum’s institutional-grade custody whereas accessing Deribit’s broad buying and selling providing and liquidity.
“This integration gives institutional merchants with each the capabilities and safety assurances they require to commerce any of Deribit’s main merchandise comfortably,” Deribit CEO Luuk Strijers mentioned.
Crypto infrastructure agency Fireblocks concerned
Deribit’s integration of Sygnum Shield entails collaboration with the crypto infrastructure agency Fireblocks, which supplied its off-exchange answer enabling trades to reflect property held in Sygnum’s custody to Deribit.
“This integration with Sygnum Shield and Deribit demonstrates the ability of Fireblocks Off Change,” Fireblocks CEO Michael Shaulov mentioned, including:
“Exchanges and custodians can now leverage our standardized integration with out requiring customized improvement — accelerating institutional adoption so property might be securely held through regulated financial institution custody.”
In response to the corporations, the combination mitigates counterparty dangers whereas buying and selling on exchanges and gives extra safety towards more and more subtle cybersecurity assaults.
This can be a creating story, and additional data might be added because it turns into obtainable.
