Keeping Crypto Assets Safe with Sygnum and Deribit
Cryptocurrency is changing fast, and so are the risks. Big hacks like the one on Bybit, where $1.4 billion was stolen, show that keeping your crypto safe is super important[2]. That’s why Sygnum, a top digital asset bank, has teamed up with Deribit, the world’s biggest crypto derivatives exchange, to make your crypto trading safer[1]. They’re using a cool technology called “Off Exchange” from Fireblocks to do this.
How Sygnum Protects Your Assets
Sygnum Protect is like a safe box for your crypto. It keeps your assets away from the exchange, so they’re less likely to be stolen if the exchange gets hacked or goes bust[1]. This is a big deal, especially for big traders who can lose a lot of money if something goes wrong.
What Makes Sygnum Protect Special?
- Bank-Level Security: Your crypto is stored in a real bank, with super strong security to keep hackers out[1].
- Separate from the Bank: Your assets are kept away from the bank’s money, so if the bank has problems, your crypto is still safe[1].
- Flexible Collateral: You can use different things as collateral, like money, crypto, or regular stocks, to make trading easier[1].
How Fireblocks’ “Off Exchange” Service Helps
Fireblocks’ “Off Exchange” service lets you mirror your assets on Deribit’s platform without actually moving them. This means you can trade without putting all your eggs in one basket, reducing the risk of losing your crypto if the exchange gets hacked or goes out of business[2][3].
Why This is Great for Big Traders
- Lots of People to Trade With: You can use Deribit’s big trading pool without worrying about your crypto being stolen[2].
- Less Risk of Losing Money: By keeping your assets off the exchange, you’re less likely to lose money if the exchange has problems[1].
- More Control Over Your Assets: You can see and control your assets even when you’re trading on the exchange[3].
A New Way to Keep Crypto Safe
Sygnum and Deribit working together, with help from Fireblocks, is a big step forward in keeping crypto safe. This partnership shows that you can have both security and lots of people to trade with. As crypto keeps changing, more partnerships like this will help keep your assets safe.
Sources: Sygnum, TradingView, ChainCatcher, PaneNewsLab, Followin