Bank Syz disclosed that its recently-introduced cryptocurrency services would border on custody and trading offerings for the four selected assets.
A leading Swiss private bank with $30B in AuM, Banque SYZ (Bank Syz) recently announced 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), as revealed in an official press release published Monday.
The press release said Bank Syz 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.
“Thanks to our partnership with Taurus, we now offer our clients the convenience of accessing the digital asset world through a regulated custodian with strong investor protection and supervision. Syz Crypto also enables our clients to get a holistic view of their traditional and digital assets in their bank reporting,” Charles-Henry Monchau, Chief Information Officer at Bank Syz remarked, speaking on the development.
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 July, 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, as previously reported. In February, Italy’s leading private bank Banca Generali launched a service that provides clients with BTC trading and custody services.
It is worth mentioning that the top Swiss wealth managing entity Pictet Group said, in August, 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.