Swiss Bank Syz To Launch Crypto Fund Worth $50 Million

Sahana Kiran
Source – Reuters

It looks like the crypto wave is reaching every part of the globe. Hong Kong in particular has been extremely inclined towards regulating the ecosystem in order to make good use of it. Now, the news of the special administrative region’s crypto drive had reached Switzerland. A prominent Swiss bank has partnered with Hong Kong-based firm CMCC Global to roll out a crypto fund.

According to a recent report, the fund will reportedly entail at least $50 million which will be invested in crypto-centric hedge funds. SyzCrest Digital fund reportedly aims to raise $300 million after they kick start operations. The fund will go live on July 1, 2023.

Furthermore, the new Cayman Islands registered company will have Willy Woo on the investment committee. Woo oversees a quantitative research-driven fund of funds for CMCC.

Syz and Crypto

The prominent Swiss bank has been making several crypto-friendly moves for quite some time now. The bank most recently launched Syz Crypto in December 2022 to provide cryptocurrency custody and trading services to clients from Switzerland also other countries.

Four significant cryptocurrencies, including Bitcoin, Ether, Polygon, along with Chainlink, were part of this initiative. Further, the staff was also assembled by the bank to manage the new offerings. This inclination towards the digital asset sector was elevated with the arrival of Richard Byworth as Syz’s managing partner in October 2022. The bank’s CEO Yvan Gaillard had even stated,

“Bitcoin and digital assets are here to stay, and we want to provide our clients with the opportunity to access them in a safe and secure way. Richard’s arrival in the Group is perfectly timed as the entire Group looks at building up its competencies in this space.”

Additionally, the market slump clearly did not meddle with Syz’s crypto plans. Addressing the latest partnership, the CEO noted how institutional interest remained strong even after the tumultuous market.