Syz Bank to Launch Crypto Fund Worth $50 Million 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 registered in the Cayman Islands and invested in crypto-centric hedge funds.
- Syz Bank has been making several crypto-friendly moves including the launch of Syz Crypto and hiring Richard Byworth as its managing partner.
Background on 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. The platform offers access to four cryptocurrencies: Bitcoin, Ether, Polygon, and Chainlink. Additionally, in October 2022, Syz Bank hired Richard Byworth as its managing partner in order to expand its competencies within the crypto industry.
Purpose of New Crypto Fund
The new partnership between Syz Bank and CMCC Global aims to launch a crypto fund worth at least $50 million that is registered in the Cayman Islands. The purpose of this new venture is twofold; firstly it will allow Syz Bank to further expand their presence within the cryptocurrency space while also providing investors with a safe and secure way of gaining exposure to various digital assets. The fund is targeting an overall raise of $300 million after its launch on July 1st 2023.