Cryptocurrencies gained popularity around the world and banks started to pay more attention to cryptocurrency services. Interestingly, last year more precisely on December 15 Italian private bank Banca Generali made an interesting announcement.
According to the announcement, Banca Generali is planning to introduce cryptocurrency services in 2021. Importantly, the bank entered a corporate as well as a commercial partnership with Conio. As a reminder, Conio is a fintech company that provides traditional financial institutions with solutions for managing digital assets, including wallets and custody.
People should take into account that, the bank does not plan to launch a cryptocurrency exchange in the near future. It plans to provide service with Conio as a wallet.
Italian banks and cryptocurrency
It is worth noting that, Banca Generali will also acquire a stake in the fintech company to support the company’s growth as well as the distribution of its products, as part of the Bank’s range of digital services offered to its customers. For example, Banca Generali participated in Conio’s share capital increase of $14 million.
The history of Conio dates back to 2015. Interestingly Conio claims to be the first Bitcoin wallet from Italy. Moreover, the fintech company developed proprietary custodial technology targeting institutions like banks. As a reminder, Conio partnered with major fintech banking platforms like Hype as well as Nexi Open Banking.
Interestingly, Banca Generali is not the only Italian bank that announced its crypto-related plans in 2020. Importantly, Banco Salla launched its Bitcoin trading service in March. The service allows customers, to sell as well as store Bitcoin through its Hype platform. Other famous banks should also pay more attention to cryptocurrency services. As can be seen from the example of Banca Generali, it is possible to offer such a service. This way it will be easier to make cryptocurrencies more popular around the world as well as to attract new customers.