In association with the venture capital firm CMCC Global in Hong Kong, Syz Group is launching a $50 million fund.
The fund will invest in cryptocurrency-focused hedge funds when it launches on July 1. Bank interest in bitcoin (BTC), cryptocurrencies, and web3 has increased globally despite the devastating crypto winter.
The most recent development is the collaboration of CMCC Global, a Hong Kong-based venture capital firm, and Bank Syz, a boutique private bank with headquarters in Switzerland and a subsidiary of the multi-billion dollar Syz Group, to establish a new cryptocurrency fund.
The fund, known as SyzCrest Digital, will launch on July 1 and aim to raise between $50 and $300 million to invest in crypto-focused hedge funds. Willy Woo from CMCC will serve on the company’s investment committee, and the new fund will be based in the Cayman Islands.
A significant migration of crypto firms to countries with hospitable web3 rules, like Switzerland, is anticipated in response to the growing regulatory assault on web3 market participants in the US.
The sudden failure of US banks like Silicon Valley Bank (SVB), Silvergate Capital, and others has already forced crypto exchanges and other web3 enterprises to look for financial partners abroad, especially in Switzerland. If all goes according to plan, Bank Syz’s new cryptocurrency will be a big success.
