Against the backdrop of increasing interest in digital asset security, cryptocurrency exchange Bybit has announced a partnership with Sygnum Bank. This collaboration aims to provide secure asset storage for institutional clients.
Goals and Opportunities of the Partnership
According to the information provided, Bybit clients will now be able to hold their assets off-balance sheet at Sygnum Bank while continuing to trade spot and derivative contracts on the platform. This initiative allows clients to automatically account for asset balances on the exchange every eight hours to enhance capital efficiency and operational transparency.
Security and Technological Solutions
Bybit chose the Sygnum Protect platform due to its status as the largest bank-operated off-exchange custody platform. Sygnum ensures multi-layered security, including advanced software and hardware solutions, strict governance, and independent audits. Additionally, legal protection under Swiss law ensures further guarantees for institutional clients.
Future Plans of Bybit and Sygnum
Bybit plans to expand its custody ecosystem, having built a robust network of trusted partners, including Fireblocks, Copper, and Cactus. In the next phase of development, Sygnum plans to introduce automated collateral transfers between exchanges, which is expected to enhance capital efficiency and asset allocation for institutional clients. Company representatives emphasize that this partnership highlights their commitment to creating a secure and transparent trading environment for institutional investors.
The collaboration between Bybit and Sygnum Bank represents a new step in strengthening security infrastructure in the crypto industry. This partnership is expected to provide institutional clients with additional opportunities for safe trading and asset management.
