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Swiss Bank Banque SYZ (Bank Syz) with $30B in AuM announced on 5 December 2022 the launch of its“Syz Crypto” offering, which would see the Geneva-based firm provide its Swiss and international clients with digital asset services, including trading and custody.
At the launch of the offering, Bank Syz will support Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), and Chainlink (LINK) and had picked top platforms with a track record of premium trading services for its crypto trading offering. Its custody services will be powered by Swiss crypto custody provider Taurus which, with its Taurus-Protect custody solution, provides digital asset custody services for several banks and financial entities within Europe. Taurus already provides custody services to top banks such as Caceis and Sygnum Bank.
Bank Syz's cryptocurrency offerings allow its clients to have exposure to four of the largest crypto assets in a properly regulated atmosphere which triggers a measure of investor confidence. According to the private bank, its expertise and regulatory stance ensure accountability and security for investors lacking in non-bank crypto entities.
Cryptocurrencies Creeping into the Private Banking Sector Bank Syz's involvement in cryptocurrencies underlines the growing attention the industry has been receiving of late. Private banks, in particular, have been interested in digital assets since 2018 as they attempt to provide crypto services to their clients.
In February 2022, Italy’s leading private bank Banca Generali launched a service that provides clients with BTC trading and custody services. In July 2022, Itaú, the largest private bank in Brazil, announced plans to introduce a tokenization platform that would convert traditional assets into tokens. Itaú also revealed that it would offer crypto custody services to its clients.
It is worth mentioning that the top Swiss wealth managing entity Pictet Group said, in August 2022, that cryptocurrencies have no place in private banking. Despite the remarks from the firm, digital assets are slowly creeping into the private banking sector, with a rapid surge in adoption, as banks such as Goldman Sachs, LGT, and a host of others show interest.
Source: Cryptonews.net
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