Italy’s Leading Private Bank Banca Generali Lets Users Buy Bitcoin (BTC)

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2022-01-06 04:51:14

Banca Generali, an Italian private bank with $87 billion in assets, is reportedly set to integrate Bitcoin services into its platform earlier this year through a partnership with Bitcoin company Conio.

Italy’s Leading Private Bank Banca Generali Lets Users Buy Bitcoin (BTC)

More than 300,000 Banca Generali customers will soon be able to create Bitcoin wallets directly in their bank accounts, a feature made possible by Conio, a fintech company founded in San Francisco.

In January 2021, Banca Generali acquired shares of Conio as a primary investor in a $14 million funding round for the company. Conio specializes in providing custody and reporting services with a focus on Bitcoin.

Conio’s platform will be integrated with Banca Generali’s banking application and allow all customers to be able to create wallets, buy and sell BTC. The wallet will also take advantage of a multi-signature arrangement for added security. Riccardo Renna, COO of Banca Generali, said that the campaign will be completed as early as 2022.

“As the process matures, clients will be able to safely interact with an asset class that can be extremely risky if approached incorrectly.”

On the other hand, Conio’s business offering of crypto services is carried out by another financial institution, the Hype Challenger bank. However, the partnership between Conio and Hype Challenger gives its customers the opportunity to transfer BTC to an external wallet, as well as access backup and restore data for the private keys for their wallets.

Contrary to the ongoing tension between UK and Russian banks over cryptocurrencies, Europe’s third economy is more open-minded. With the above move, Banca Generali joined the leading banking group Sparkasse of Germany, BBVA bank Switzerland, Bank SEBA Switzerland, bank Societe Generale of France and commercial bank of Ukraine, deep into the air blockchain space.

Banca Generali is part of the Generali group, one of the top ten insurance companies in the world. Known as the best private bank in Italy, Banca Generali caters to high net worth individuals (HNWI) looking for private banking and wealth management services.

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