Swiss Bank Syz Launches Crypto Fund of Funds With CMCC (Correct)

Switzerland’s Syz Group is joining with Hong Kong-based venture capital firm CMCC Global to launch a fund with at least $50 million to invest in crypto-focused hedge funds.

SyzCrest Digital will start operations on July 1, ultimately aiming to raise as much as $300 million, according to Richard Byworth, managing partner at Syz Capital, the group’s alternative investment arm. Willy Woo, who runs a quantitative research-driven fund of funds for CMCC, will join as investment committee member at the new Cayman-Islands registered firm.

Even after a spate of bankruptcies, and with regulatory pressure ongoing, the hundreds of exchanges and ...