Zerocap, a regulated Australian market maker, migrated its trading collateral to Fireblocks’ Off Exchange solution, growing its Deribit trading book from millions to tens of millions of dollars in collateral value. The solution uses on-chain MPC wallets that keep assets under Fireblocks’ control while being recognized as valid margin by the exchange. This allowed Zerocap to reduce time spent on manual rebalancing and treasury operations by roughly 50%, eliminating constraints from managing dual custody stacks. The partnership began in 2020 and deepened with Zerocap joining Fireblocks’ Global Custodian Partner Program in 2024 and the Fireblocks Network for Payments in September 2025. By converting unsecured credit exposure on exchanges into assets remaining under institutional-grade custody, Off Exchange solutions directly address the counterparty risk that has historically limited serious institutional participation in crypto trading.
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