Bank Syz, a financial services provider based in Geneva, Switzerland has launched a new service “Syz crypto”. It will allow its customers to hold and trade crypto assets. This new offering will support Bitcoin (BTC), Ethereum (ETH), The LINK and MATIC.
Syz Bank collaborates with Taurus to offer crypto services to its customers
Bank Syz is a financial services provider that manages more than $30 billion in assets. It announced, this December 5, its new service called “Syz Crypto”. This new offering will allow its Swiss and international clients to hold and trade cryptos in a regulated banking environment.
Syz Crypto will support Bitcoin as well as three altcoins (ETH, LINK and MATIC). With this new service, Syz Bank will become one of the few private banks in the old continent to offer a crypto asset service to its customers.
With our new digital asset solution, we can offer our clients centralized access to a wide range of financial instruments. In this way, we are building a bridge between traditional and decentralized finance.Valérie Noël, Head of Trading at Syz Bank
To succeed, Syz Bank signed a partnership with Taurus, a European platform specialized in the custody and management of digital assets for banks and companies.
Thus, Taurus thanks to its technology Taurus-PROTECT will be in charge of keeping and trading crypto assets with private, professional and institutional customers of Syz Bank. For its part, Taurus-EXPLORER will connect the bank to the various blockchain protocols including Bitcoin and Ethereum.
Syz Bank‘s choice to join the Bitcoin club is not a surprise, indeed since the euphoria of the crypto market in 2021, several banks have jumped into the world of crypto assets. Major banks and funds like Blackrock and Morgan Stanley are already offering bitcoin to their clients.
Recently, Itaú, the largest commercial bank in Latin America announced the launch of a Bitcoin holding service for its clients.
With the ambiguity over the fractional reserve system of banks, it is imperative to ensure how they hold their cryptocurrencies. Do they indeed manage to comply with the famous proof of reserve? As always in the end, it is best to have your own wallet.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.