Billion-$-Swiss banking giant wants to invest in Bitcoin and Ethereum
- Syz Bank partners with CMCC Global to launch SyzCrest Digital, a $50 million crypto fund registered in the Cayman Islands.
- Syz Bank has made several crypto-friendly moves, including the launch of Syz Crypto and the hiring of Richard Byworth as managing partner.
Syz Bank Launches $50 Million Crypto Fund With CMCC Global
Syz Bank, a prominent Swiss bank, is partnering with CMCC Global to launch a crypto fund worth at least $50 million. The fund, called SyzCrest Digital, will be invested in crypto-centric hedge funds and aims to raise $300 million after launch. The fund is registered in the Cayman Islands and will be available from 1 July 2023.
The announcement of the partnership comes at a time when Hong Kong has taken significant steps to regulate the crypto ecosystem. The partnership with CMCC Global will help Syz Bank expand its presence in the crypto industry and gain exposure to various digital assets.
Syz Bank’s crypto-friendly moves
Syz Bank has been actively making crypto-friendly moves over the past year. In December 2022, the bank launched Syz Crypto to offer cryptocurrency custody and trading services to customers from Switzerland and other countries. Syz Crypto offers access to four major cryptocurrencies including Bitcoin, Ether, Polygon and Chainlink.
In October 2022, Syz Bank hired Richard Byworth as its managing partner, further demonstrating its commitment to the crypto industry. Byworth’s experience in the crypto space will help Syz Bank build its expertise and expand its offerings in this area. Syz Bank’s CEO, Yvan Gaillard, believes that Bitcoin and digital assets are here to stay, and that the bank wants to provide its customers with a safe and secure way to access them.
Institutional interest remains strong
Despite the market downturn, Syz Bank remains committed to its crypto plans. The bank’s CEO notes that institutional interest in digital assets remains strong, even after the tumultuous market. The launch of SyzCrest Digital with CMCC Global is another example of Syz Bank’s commitment to the crypto industry and its potential for growth.
Conclusion
Syz Bank’s partnership with CMCC Global and the launch of SyzCrest Digital demonstrate the bank’s belief in the potential of digital assets and its commitment to expanding its offerings in the crypto industry. With the launch of SyzCrest Digital, investors will have another way to gain exposure to crypto-centric hedge funds, and Syz Bank will continue to expand its presence in the growing digital asset space.
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