Bank Syz, a Swiss private bank serving wealthy clients with $30 billion in assets under management, has launched Syz Crypto. Thus, Swiss Bank will enable its customers to access 4 cryptocurrencies.
“A bridge between traditional and decentralized finance”
This move by the Swiss bank will allow its customers to both hold and trade cryptocurrencies in a regulated banking environment. Thus, the Bank will introduce its customers to the world of crypto money. Valérie Noël, Head of Trade at Bank Syz, made the following statement on the subject:
With our new digital asset solution, we provide clients with a consolidated ‘one-stop’ access to a wide range of financial instruments. Therefore, we are building a bridge between traditional and decentralized finance.
Bank Syz will give its customers access to 4 cryptocurrencies
Taurus defines itself as the number one platform for banks and manages the custody of assets in this context. It gives access to four digital assets. These are: Bitcoin (BTC) and Ethereum (ETH), Chainlink (LINK) and Polygon (MATIC).
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is the Polygon SDK, a modular, flexible framework that supports building multiple types of applications. Chainlink’,’s area of interest is oracles. Called by some the Jason Parser, it implements a decentralized data stream for smart contracts. It also provides price movements for cryptocurrencies, among other types of data. Charles-Henry Monchau, CIO of Bank Syz, made the following statement for digital asset services:
We now offer our clients the convenience of accessing the world of digital assets through a regulated custodian with strong investor protection and supervision. SyzCrypto also enables our clients to get a holistic view of their traditional and digital assets in their bank reporting.
Cryptocurrency adoption expands in traditional finance
Private banks began providing their clients with access to digital asset services in 2018. Some of such banks now provide this service in Switzerland. One of the first banks in the world to offer a similar service to ordinary customers is in Brazil. Itau announced last month that it will launch a crypto custody service that juxtaposes both Bitcoin and fiat.
As you follow on Kriptokoin.com, new Fintech organizations have been providing a similar service for a while. There’s Robinhood in the US and Revolut in the UK. Meanwhile, Revolut is trying to become a full-fledged bank for lending. For now, they have a physical debit card that you can link to your crypto balance so you can spend crypto directly. With this merging of traditional and new digital financial system that started in 2020 and now continues to add new infrastructure, they too are showing crypto, fiat and stocks side by side.
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