Syz Bank to Invest $50 Million in Crypto Funds with CMCC Global

Syz Bank Launches Crypto Fund with CMCC Global

  • Swiss banking giant Syz Bank is partnering with CMCC Global to launch a $50 million crypto fund, SyzCrest Digital.
  • The fund will be invested in crypto-centric hedge funds and is aiming to raise $300 million after its launch.
  • Syz Bank has recently taken steps towards the crypto industry, including launching Syz Crypto and hiring Richard Byworth as managing partner.

Background of Syz Bank

Syz Bank is a prominent Swiss bank that has been actively making crypto-friendly moves over the past year. In December 2022, the bank launched Syz Crypto to provide cryptocurrency custody and trading services to clients from Switzerland and other countries. Furthermore, in October 2022, they hired Richard Byworth as their managing partner – demonstrating commitment to the crypto industry. CEO Yvan Gaillard believes Bitcoin and digital assets are here to stay and wants to provide customers with a safe way of accessing them.

Launch of SyzCrest Digital

Syz Bank is now taking another step into the world of cryptocurrencies by partnering with CMCC Global to launch a new crypto fund worth at least $50 million called SyzCrest Digital. The fund will be registered in the Cayman Islands and available starting on July 1, 2023. It’s aiming to raise up to $300 million after its launch by investing in various crypto-centric hedge funds. This move comes at an opportune time when Hong Kong is taking significant steps towards regulating the cryptocurrency ecosystem.