Keeping Crypto Safe: Sygnum and Deribit Team Up
Cryptocurrency is changing fast, and so are the risks. Big hacks like the $1.4 billion Bybit theft show that keeping your crypto safe is super important. That’s why Sygnum, a big player in digital money banking, has added Deribit, the world’s largest crypto trading place, to its safekeeping service, Sygnum Protect. They’re using Fireblocks’ cool “Off Exchange” tech to make this happen.
How Sygnum Protects Your Crypto
Sygnum Protect keeps your crypto safe by separating trading and safekeeping. This way, your crypto isn’t mixed up with the bank’s money, so if something goes wrong with the trading place, your crypto is still safe. Here’s how it works:
Bank-Level Security
Your crypto is kept in a real bank, so it’s protected by strong security measures. This helps stop sneaky cyber attacks.
Safekeeping Off the Bank’s Books
Your crypto is kept separate from the bank’s money. This means if the trading place has problems, your crypto won’t be affected.
Flexible Collateral Options
You can use different things as collateral, like regular money, crypto, or even stocks. This gives you more choices when you trade.
Fireblocks’ “Off Exchange” Service
The partnership with Fireblocks lets Sygnum and Deribit use the “Off Exchange” service. This means you can trade without putting your crypto on the trading place first. Your crypto stays safe in Sygnum’s custody, but you can still trade it on Deribit. Isn’t that cool?
Benefits for Big Traders
With this new way of trading, you can:
- Use Deribit’s huge trading pool without worrying about your crypto.
- Reduce the risk of losing your crypto if the trading place has problems.
- Keep control of your crypto while you trade.
Crypto Safety Gets a Big Upgrade
Sygnum, Deribit, and Fireblocks working together is a big deal for crypto safety. It helps big traders stay safe while they trade, and it sets a new standard for keeping crypto safe. As crypto keeps changing, more collaborations like this will help keep our money safe.
Sources: Sygnum, TradingView, ChainCatcher, PaneNewsLab, Followin