Billionaire Swiss Bank to Invest $50 Million in Bitcoin, Ethereum

Syz Bank Launches Crypto Fund Worth $50 Million

• Swiss banking giant Syz Bank is partnering with CMCC Global to launch SyzCrest Digital, a crypto fund worth $50 million.
• The fund is registered in the Cayman Islands and is aiming to raise $300 million after its launch.
• Syz Bank has been actively making crypto-friendly moves over the past year, like launching Syz Crypto and hiring Richard Byworth as managing partner.

Syz Bank Partners with CMCC Global

Swiss banking giant Syz 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 will be available starting on July 1, 2023. The fund is registered in the Cayman Islands and is aiming to raise $300 million after its launch. This move comes due to Hong Kong’s steps towards regulating the crypto ecosystem, allowing Syz Bank to gain exposure to various digital assets.

Syz Crypto Services Launched

In December 2022, Syz Bank launched its own cryptocurrency custody and trading services called Syz Crypto. The platform offers access to four major cryptocurrencies: Bitcoin, Ether, Polygon and Chainlink. Furthermore, it hired Richard Byworth as managing partner in October 2022 demonstrating its commitment towards the industry.

Yvan Gaillard’s Values

The CEO of the bank Yvan Gaillard has expressed his belief that digital assets are here to stay and that his company wants to provide customers with a secure way of accessing them.

Conclusion

The partnership between these two companies shows that cryptocurrency investments are becoming more mainstream as banks start investing into them. This could have a significant impact on how we view cryptocurrencies in the near future and possibly open up new possibilities for investors around the world.