• Syz Bank, a prominent Swiss bank, is partnering with CMCC Global to launch SyzCrest Digital, a crypto fund worth $50 million and registered in the Cayman Islands.
• Syz Bank has been making several crypto-friendly moves, including the launch of Syz Crypto and the hiring of Richard Byworth as its managing partner.
• 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 Partners With CMCC Global

Syz Bank, a prominent Swiss banking giant, announced that it is partnering with CMCC Global to launch SyzCrest Digital – a crypto fund worth $50 million and registered in the Cayman Islands. The goal is for this fund to raise up to $300 million after its launch on July 1st 2023.

Syz Bank’s Crypto-Friendly Moves

Syz Bank has been taking steps towards becoming more involved in the crypto space over the past year. In December 2022 they launched their own crypto service called ‘Syz Crypto’ which provides customers from Switzerland and other countries access to four major cryptocurrencies: Bitcoin, Ether, Polygon, and Chainlink. In October 2022 they hired Richard Byworth as their managing partner which further demonstrated their commitment to the industry.

Benefits of Partnership With CMCC Global

The partnership with CMCC Global will allow Syz Bank to expand their presence in the cryptocurrency market while gaining exposure to numerous digital assets. The Hong Kong government have recently taken steps towards regulating cryptocurrencies which makes this move even more timely for them. CEO Yvan Gaillard believes that Bitcoin and digital assets are here to stay so this investment allows their clients safe access into these markets.

What Does This Mean?

This news is indicative of an increasing trend among banks around the world towards investing in cryptocurrencies and blockchain technology – something that was once thought impossible just a few years ago! With big players like Syz entering these markets we can expect further investment from traditional financial institutions going forward. This could lead to increased credibility for cryptocurrency investments as well as greater liquidity levels within them.

Conclusion

Overall this news is another example of how cryptocurrency adoption is rapidly increasing worldwide – something that could bring about huge changes for both finance and technology in years to come! We will be sure to keep our eyes open for more developments surrounding this story as it unfolds!