Syz Group is launching a $50 million fund in collaboration with Hong Kong’s venture capital firm, CMCC Global. The fund, which is scheduled to go live on July 1, will invest in crypto-focused hedge funds.
Bank Syz to launch a crypto fund
Despite the ravaging crypto winter, banks’ interest in bitcoin (BTC), cryptocurrencies, and web3 continues to grow across the world.
In the latest development, Bank Syz, a boutique Switzerland-based private bank that is a subsidiary of the multi-billion dollar Syz Group, is joining forces with CMCC Global, a Hong Kong-based VC firm to launch a new crypto fund.
Dubbed SyzCrest Digital, the fund will go live on July 1 and will seek to raise from $50 to $300 million to invest in crypto-focused hedge funds. The new fund will be situated in the Cayman Islands, with CMCC’s Willy Woo acting as an investment committee member at the company.
Switzerland has always been a crypto-friendly jurisdiction and the ongoing regulatory onslaught on web3 market participants in the US, is expected to trigger a massive exodus of crypto businesses to regions with amenable web3 regulations such as Swiss.
Already, the abrupt collapse of US banks like Silvergate Capital, Silicon Valley Bank (SVB), and others, has left crypto exchanges and other web3 businesses with no other choice but to seek banking partners abroad, including in Switzerland. If all goes as planned, Bank Syz’s new crypto will be a huge success.