- Swiss Bank Syz is partnering with Hong Kong-based firm CMCC Global to launch a crypto fund worth at least $50 million.
- The fund, SyzCrest Digital, aims to raise $300 million and will go live on July 1, 2023.
Swiss Bank Syz To Launch Crypto Fund Worth $50 Million
Switzerland’s Syz Bank has partnered with Hong Kong-based firm CMCC Global to launch a crypto fund worth at least $50 million. The fund, SyzCrest Digital, will be invested in crypto-centric hedge funds and aims to raise $300 million after the launch. It will be registered in the Cayman Islands and is expected to go live on July 1, 2023.
Willy Woo, who oversees a quantitative research-driven fund of funds for CMCC, will be on the investment committee of the new company. This partnership between Syz Bank and CMCC Global comes after Hong Kong’s strong inclination towards regulating the crypto ecosystem.
Syz’s Crypto-Friendly Moves
Syz Bank has been making several crypto-friendly moves for quite some time now. The bank launched Syz Crypto in December 2022 to provide cryptocurrency custody and trading services to clients from Switzerland and other countries. The initiative included four significant cryptocurrencies, including Bitcoin, Ether, Polygon, and Chainlink.
The bank assembled a staff to manage the new offerings and elevated its inclination towards the digital asset sector with the arrival of Richard Byworth as Syz’s managing partner in October 2022. The bank’s CEO, Yvan Gaillard, has even stated that “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.”
Institutional Interest Remains Strong
The market slump 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. Syz Bank’s launch of Syz Crypto and its partnership with CMCC Global for SyzCrest Digital demonstrate the bank’s commitment to the crypto industry and its belief in its potential for growth.