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- The Syz Bank, via its crypto division, has selected Taurus – a leading digital asset infrastructure provider for banks in the European market– through its custody solution Taurus-Protect to secure clients’ assets, including Bitcoin.
- Ark Invest analyst expects the crypto industry, particularly the Bitcoin ecosystem, to tap a $28 trillion global market.
The cryptocurrency market has received a bullish update from one of the Geneva, Switzerland-based financial service providers – Bank SYZ – that it will now offer digital asset custody and trading services to its local and offshore customers. Through its mission to innovate personal and futuristic finance, SYZ indicated that its customers can now trade the largest digital asset by market cap, Bitcoin, and two altcoins – Ethereum (ETH), Chainlink (LINK), and Polygon (MATIC).
The announcement comes as the Bitcoin market holds on to the recent $17k support, with anticipation of a Possible Christmas rally. According to our latest crypto price oracles, Bitcoin has been exchanging hands for $16,821 in the past two days. Ethereum (Eth), the largest smart contract ecosystem by total value locked, traded for around $1,232.
Read more: Bitcoin stable at $17k – Is the bottom finally in? Experts take
Polygon (MATIC) and Chainlink (LINK), on the other hand, traded about $0.898289 and $6.89, respectively, today, Wednesday.
The particular choice by Bank Syz has significantly rejuvenated the possibilities of a possible Christmas rally among most cryptocurrency traders. Furthermore, the failure of FTX and Alameda has significantly increased uncertainty about centralized cryptocurrency service providers. Valérie Noël, head of trading at Bank Syz, noted
Bank Syz is among the most innovative Swiss private banks. With our new digital assets solution, we can offer a consolidated “one-stop shop” access to a broad range of financial instruments to clients. We are hence building a bridge between traditional and decentralized finance,
Notably, the Syz Bank, via its crypto division, has selected Taurus – a leading digital asset infrastructure provider for banks in the European market– through its custody solution Taurus-Protect to secure clients’ crypto assets. For trading purposes, the Swiss bank has selected platforms that offer services on par with the bank’s high standards.
Commenting on the announcement, Charles-Henry Monchau, Bank Syz CIO, said:
“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.”
The bigger picture for Bitcoin and the Crypto Market
The cryptocurrency market has scaled to a trillion-dollar industry within a decade. Nonetheless, market strategists anticipate the sector can attract more trillions of dollars in the coming decades as regulators worldwide move toward crypto adoption. However, the crypto market has been down over $2.2 trillion in the past twelve months, following a sustained downward trend.
As geopolitical tension amongst military superpowers spikes over the Ukraine-Russia war, the digital economy is expected to grow exponentially. Furthermore, cross-border transactions can be facilitated affordably and securely.
Ark Invest analyst expects the crypto industry, particularly the Bitcoin ecosystem, to tap a $28 trillion global market.
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