Fireblocks Off Exchange lets Zerocap scale Deribit book to tens of millions

Fireblocks estimates the Off Exchange solution reduces time spent on manual rebalancing and treasury operations by roughly 50%.

Zerocap has been building on Fireblocks infrastructure since 2020, using the platform for custody, settlement automation, and connectivity to counterparties. The relationship deepened in 2024 when Zerocap joined the Fireblocks Global Custodian Partner Program. In September 2025, the firm also joined the Fireblocks Network for Payments.

Zerocap's institutional milestones include involvement in ANZ Bank's A$DC stablecoin efforts and participation in Hong Kong's spot Bitcoin ETF market making.

Counterparty risk has been the single largest barrier to institutional participation in crypto trading. Every dollar of collateral sitting on an exchange represents unsecured credit exposure to that venue. The collapse of FTX in late 2022 demonstrated how catastrophic that exposure can become. Off Exchange solutions convert that unsecured exposure into something far more controlled, where assets remain under institutional-grade custody regardless of what happens to the trading venue, Fireblocks said.

For market makers like Zerocap, the ability to scale from millions to tens of millions in collateral without proportionally increasing counterparty risk is a competitive advantage: more collateral deployed means more capacity to provide liquidity, tighter spreads, and larger order sizes, the firms said.