One of the Geneva, Switzerland-based financial service providers, Bank SYZ, has provided a bullish update to the cryptocurrency market by announcing that it will now provides digital asset custody and trading services to its local and offshore customers. SYZ stated that its customers can now trade Bitcoin, the most valuable digital asset by market value, as well as two altcoins: Ethereum (ETH), Chainlink (LINK), and Polygon (MATIC), as part of its objective to develop personal and futuristic finance.
In anticipation of a potential Christmas rally, the Bitcoin market is holding into its recent $17k support. According to recent crypto price oracles indicate that Bitcoin has been trading for $16,821 during the last two days. The largest smart contract ecosystem by total value locked is Ethereum (Eth), which recently traded for about $1,232.
On the other side, by the time pf writing, Polygon (MATIC) and Chainlink (LINK) traded at around $0.898289 and $6.89, respectively.
Most bitcoin traders now significantly believe there will be a Christmas rally as a result of Bank Syz's strategic decision. Additionally, there is a lot more concern now regarding centralized cryptocurrency service providers thanks to the failure of FTX and Alameda. Bank Syz's head of trading, Valérie Noel, 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 has chosen Taurus through its custody solution Taurus-Protect to secure the crypto assets of its customers. Taurus is a top provider of digital asset infrastructure for banks in the European market. The Swiss bank has chosen platforms for trading that provide services that meet the firm's high criteria.
Bank Syz CIO Charles-Henry Monchau commented on the news by saying:
“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.”
An overview of Bitcoin and the cryptocurrency market
Within a decade, the cryptocurrency business grew to become a trillion-dollar sector. Nevertheless, market analysts believe the industry can bring in additional trillions of dollars over the next few decades as regulators all over the world move toward adopting cryptocurrencies. But the cryptocurrency market has lost more than $2.2 trillion in the last year, continuing a long-term downward trend.
The digital economy is predicted to expand exponentially as military superpower geopolitical tension rises over the conflict between Russia and Ukraine. Furthermore, cost-effective and secure cross-border transactions are possible.
The Bitcoin ecosystem, in particular, is predicted by Ark Invest analyst to touch a $28 trillion worldwide market.