Banque SYZ (Bank Syz), a leading Swiss private bank with $30 billion under its management, recently announced the launch of its “Syz Crypto” initiative, which will enable it to provide crypto services to its clients, including trading and custody.
Bank Syz will initially support Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), and Chainlink (LINK), as announced in the official press release released Monday.
The press release stated that Bank Syz has selected the leading platforms for its crypto service. Custody services will be powered by Swiss crypto custodian Taurus, which provides digital asset custody services for many banks and financial institutions in Europe. Taurus currently provides custody services to top banks such as Caceis and Sygnum Bank.
Bank Syz’s initiative will allow its clients to invest in four major crypto assets in a properly regulated atmosphere.
Private Banking Sector and Cryptocurrencies
Bank Syz’s involvement in cryptocurrencies reveals the recent increased interest in the industry. Private banks, in particular, have been dealing with digital assets since 2018.
In July, Itaú, Brazil’s largest private bank, announced plans to introduce a tokenization platform that would convert traditional assets into tokens. Itaú also announced that it will offer crypto custody services to its clients, as previously reported. In February, Italy’s leading private bank Banca Generali launched a service that provides BTC trading and custody services to its clients.
In addition, it is worth noting that Pictet Group, Switzerland’s largest asset management organization, said in August that cryptocurrencies have no place in private banking. Despite the firm’s announcements, digital assets are slowly making their way into the private banking sector, with a rapid increase in adoption, with interest from banks such as Goldman Sachs, LGT and many other banks.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.