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- Syz Bank, through its crypto division, has selected Taurus – a leading provider of digital asset infrastructure for banks in the European market – through its custody solution Taurus-Protect to secure client assets, including including bitcoin.
- The Ark Invest analyst expects the crypto industry, specifically the Bitcoin ecosystem, to tap into 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 at its local and offshore customers. Thanks to its mission to innovate in personal and futuristic finance, SYZ has indicated that its customers can now trade the largest digital asset by market capitalization, Bitcoin, and two altcoins – Ethereum (ETH), Chainlink (LINK) and Polygon (MATIC).
The announcement comes as the Bitcoin market clings to recent support at $17,000 ahead of a possible Christmas rally. According to our latest crypto price oracles, Bitcoin traded 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 $17,000 – Has the bottom finally been reached? Experts take
Polygon (MATIC) and Chainlink (LINK), on the other hand, traded around $0.898289 and $6.89 respectively, today Wednesday.
The particular choice of Bank Syz has significantly rejuvenated the possibilities of a possible Christmas rally among most cryptocurrency traders. Additionally, the failure of FTX and Alameda has greatly increased uncertainty regarding centralized cryptocurrency service providers. Valérie Noël, head of trading at Bank Syz, noted
Bank Syz is one of the most innovative Swiss private banks. With our new digital asset solution, we can offer our clients consolidated “one-stop-shop” access to a wide range of financial instruments. We are thus building a bridge between traditional and decentralized finance,
Notably, Syz Bank, through its crypto division, has selected Taurus – a leading provider of digital asset infrastructure for banks in the European market – through its custody solution Taurus-Protect to secure crypto assets from his clients. For trading purposes, the Swiss bank has selected platforms that offer services that meet the high standards of the bank.
Commenting on the announcement, Charles-Henry Monchau, Bank Syz CIO, said:
“Through our partnership with Taurus, we now offer our clients the ability to access the world of digital assets through a regulated custodian with strong investor protection and oversight. Syz Crypto also allows our customers to have a global view of their traditional and digital assets in their banking reports.
The Overview of Bitcoin and the Crypto Market
The cryptocurrency market has grown to a trillion dollar industry in a decade. Nevertheless, market strategists predict that the sector can attract more trillions of dollars in the coming decades as regulators around the world shift towards crypto adoption. However, the crypto market has fallen over $2.2 trillion in the last twelve months, following a sustained downward trend.
As geopolitical tensions between military superpowers rise over the Ukraine-Russia war, the digital economy is set to grow exponentially. In addition, cross-border transactions can be facilitated cheaply and securely.
The Ark Invest analyst expects the crypto industry, specifically the Bitcoin ecosystem, to tap into a $28 trillion global market.
