Bank Syz, a Swiss private bank serving wealthy clients with $30 billion in assets under management, has launched a new service that will allow its clients to hold and trade cryptocurrencies in a regulated banking environment.
“With our new digital asset solution, we are able to provide clients with consolidated ‘one-stop-shop’ access to a wide range of financial instruments. Therefore, we are building a bridge between traditional and decentralized finance,” said Valérie Noël, Director of Commerce at Bank Syz.
Taurus, which describes itself as the number one platform for banks, will manage Bank Syz’s cryptocurrency custody. Four cryptos are offered. Bitcoin Y ethereumand curiously they chose chain link Y Polygon as alternative currencies. Polygon is an Ethereum sidechain that is expanding significantly in adoption with its plans to release a second tier based on zk. Chainlink deals with oracles. Called Jason Parser by some, it is a decentralized data source for smart contracts, providing price movements for cryptocurrencies and other types of data.
“We now offer our clients the convenience of accessing the world of digital assets through a regulated custodian with strong investor protection and supervision.. Syz Crypto also allows our clients to have a holistic view of their traditional and digital assets in their bank reports.”said Charles-Henry Monchau, CIO of Bank Syz.
Private banks started offering cryptocurrency services to their clients in 2018, and several of them now provide this service in Switzerland. One of the first banks in the world to offer a similar service to regular customers is in Brazil. Itaú announced last month that it will offer custody of cryptocurrencies starting next year. Nubank also started offering cryptocurrency investments, in addition to other fintechs, such as Revolut, which have been offering cryptocurrencies for some time. Revolut is trying to become a full-fledged lending bank. For now they have a physical debit card that you can connect to your crypto balance and thus spend crypto directly. They also show cryptocurrency, fiat, and stocks side by side, with this merging of the traditional and new digital financial system starting in 2020 and now continuing to add new infrastructure.
Rate this news!
0 / 5 Number of votes: 1 Your vote on this news:
