Sygnum and Debifi Launch MultiSYG as Bitcoin Exceeds 80% of Loan Collateral
Key Facts
Sygnum and Debifi announced the launch of MultiSYG on October 23, 2026, a regulated lending solution that allows the Swiss bank’s clients to borrow against bitcoin. The launch comes as bitcoin accounts for more than 80% of the collateral pledged with Sygnum, compared with 63% in 2023, according to the bank. Sygnum describes the product as the first multi-signature bitcoin lending solution from a regulated bank, and says it is the first bank globally to combine these wallets with regulated bank lending. The model targets bitcoin holders seeking liquidity while retaining their asset, motives Sygnum said were behind demand. The product was announced alongside the Plan ₿ Forum in Lugano on October 23 and 24.
Each client’s collateral is held in a dedicated, separate on-chain multi-signature bitcoin wallet, with keys distributed among the client, Sygnum and independent institutional key holders. When it announced the partnership on October 24, 2025, Sygnum described the product’s structure as a 3-of-5 collateral wallet that allows borrowers to monitor their collateral on-chain. The distribution of keys means that moving the collateral requires the specified valid signatures; Sygnum said the bitcoin network itself rejects any transaction that does not carry them. Debifi’s founder also said that the theft or compromise of a single key would not be enough to move the collateral. In its earlier partnership announcement, Sygnum said the distribution provides cryptographic assurance against asset rehypothecation while giving the borrower verifiable partial control over the bitcoin.
The loan combines banking terms, including pricing, withdrawal flexibility and loan duration, with the borrower retaining part of the control over the collateral through multi-signatures, according to Sygnum. The bank’s head of credit and lending said adding distributed key security was a “natural next step” as more holders seek to protect bitcoin while accessing liquidity at the same time. The structure adds a cryptographic verification layer to the bank lending relationship, according to the bank’s announcement, allowing the client to maintain visibility over the collateral while its movement keys are distributed. The design keeps the collateral in a dedicated multi-signature wallet for each client, Sygnum said, rather than relying on a single key. When it announced development of the product in 2025, the company said it was targeting a launch in the first half of 2026.
Sygnum links bitcoin’s growing use as collateral to changes in its assessment of the asset’s risks and market behavior. It said bitcoin’s one-year annualized volatility fell from 80% in 2021 to around 40% in 2026, while its optimal portfolio weight rose by more than four times. It also attributed bitcoin’s increased use as collateral to its declining correlation with technology stocks, growing links with gold and improved market depth. The correlation with technology stocks fell by half, the bank said, among factors supporting bitcoin’s use as collateral. Sygnum said client motives also include security concerns and a desire for liquidity without selling their holdings. These are the bank’s explanations for the trend among its clients, alongside bitcoin’s share of pledged collateral rising to more than 80%.
Sygnum places growth in asset-backed lending within a client base already using its secured loans; it said more than one in five clients has a Lombard loan. The bank said clients’ assets are held off its balance sheet and protected from the effects of its insolvency under Swiss banking law. This description is based on the custody arrangements announced by the bank, while the MultiSYG wallet distributes bitcoin collateral keys among the client, the bank and independent institutional parties. This combination gives the product, according to Sygnum, a regulated bank lending framework with signing rules enforced by the bitcoin network. The announcement did not include figures for available loan amounts or pricing, while the partnership announcement a year earlier said the product was in development and targeted a launch in the first half of 2026.
The announcement came in Lugano alongside the Plan ₿ Forum, held on October 23 and 24, 2026, according to Sygnum and the city’s official website. This was the forum’s fifth edition, according to the city’s official Plan ₿ website. The October 2025 partnership announcement presented MultiSYG as a collaboration between Sygnum and Debifi to develop bitcoin lending through a multi-signature collateral wallet. The current announcement confirms the solution’s launch, after the bank had targeted the first half of 2026 for its rollout. Sygnum links the timing of the announcement to the Swiss event, while describing demand for bitcoin-backed borrowing as driven by the need for liquidity while retaining the asset.