Switzerland’s largest bank Syz, to invest in Bitcoin and Ethereum

Syz Bank and CMCC Global are working together to introduce SyzCrest Digital, a $50 million cryptocurrency fund that is registered in the Cayman Islands.

Syz Bank is starting a cryptocurrency fund

To develop a cryptocurrency fund with a minimum investment of $50 million, Syz Bank, a well-known Swiss bank, will collaborate with CMCC Global. Aiming to generate $300 million after its launch, the fund, known as SyzCrest Digital, would invest in hedge funds that focus on cryptocurrencies. The fund will become accessible on July 1, 2023, and it is registered in the Cayman Islands.

The partnership’s announcement comes as Hong Kong has been making considerable strides in regulating the cryptocurrency industry. Syz Bank will be able to increase its visibility in the cryptocurrency sector and receive access to a range of digital assets thanks to its relationship with CMCC Global.

Over the last year, Syz Bank has aggressively made crypto-friendly actions. The bank introduced Syz Crypto in December 2022 to offer cryptocurrency custody and trading services to customers from Switzerland and other nations. Access to four important cryptocurrencies, including Chainlink, Ether, Polygon, and Bitcoin, is provided via Syz Crypto.

Richard Byworth joined Syz Bank as its managing partner in October 2022, further confirming the bank’s dedication to the cryptocurrency sector. Byworth’s experience in the cryptocurrency industry will aid Syz Bank in strengthening its capabilities and broadening its product offerings. The CEO of Syz Bank, Yvan Gaillard, thinks that digital assets like Bitcoin are here to stay and that the bank should give its customers a safe and secure method to access them.

Despite the market downturn, Syz Bank is still devoted to its cryptocurrency goals. Even after the volatile market, the bank’s CEO says that institutional interest in digital assets is still high. Syz Bank’s dedication to the cryptocurrency sector and its growth potential is demonstrated once again with the introduction of SyzCrest Digital with CMCC Global.

The cooperation between Syz Bank and CMCC Global and the establishment of SyzCrest Digital serves as evidence of the bank’s confidence in the potential of digital assets and dedication to enhancing its product offerings in the cryptocurrency sector. With the introduction of SyzCrest Digital, investors will have another means to access hedge funds focused on cryptocurrencies, and Syz Bank will keep extending its footprint in the burgeoning market for digital assets.

Switzerland’s friendly stance towards cryptocurrencies

Switzerland, one of the most well-known banking and financial hubs in the world, has led the charge in promoting cryptocurrencies for financial transactions since 2016.

In addition to being a popular tourist destination, the nation is home to one of the top blockchain ecosystems and welcomes entrepreneurs and companies specializing in cryptography technology innovation.

In Switzerland, more than 1,000 ticket vending machines have been set up to take Bitcoin payments since 2016. The nation’s primary rail operator is Swiss Federal Railways. 

The world’s first digital asset bank, Sygnum, and PostFinance, one of Switzerland’s top financial institutions and biggest retail banks, teamed earlier this month to provide PostFinance’s clients with a variety of regulated digital asset banking services through Sygnum’s B2B banking platform.

Through their collaboration, PostFinance and Sygnum Bank give their clients access to regulated, bank-grade digital asset products and services that can be launched and continually expanded.

Switzerland’s rising interest in digital assets shows no signs of slowing down, despite the fact that crypto markets are going through a turbulent period and are coming under pressure from authorities across the world.

I am Vishal. I post articles about the cryptocurrency markets. I'm pursuing a BBA degree. My home is in Navi Mumbai, Maharashtra.I'm constantly interested in new advancements in this industry and I learn something new about it every day. I would love to share such information with you all.

Leave a Comment