Banca Generali has partnered with Conio to become the first Italian bank to provide a direct crypto purchase service to its 300,000 customers by early 2022.
Banca Generali, the largest private bank in Italy, is all set to allow all its customers to buy and hold Bitcoin (BTC) directly. To provide their users with direct crypto purchases, Banca Generali has partnered with the Conio cryptocurrency platform. The customers will be able to directly purchase BTC once the Conio platform gets integrated into the Home Bank application system of Banca Generali. Once the integration is complete, more than 300,000 customers of the bank can trade cryptocurrencies directly from the online infrastructure of the bank.
A US$14 million stake was purchased by Banca Generali back in early 2020. That’s the reason why the largest private bank in Italy was providing bitcoin custody service to its customers. Banca Generali’s COO, Riccardo Renna, has confirmed that the Conio platform’s integration with their ban’s online infrastructure will be complete by early 2022. He went on to underscore that providing Bitcoin purchase and holding service was their bank’s larger plan of providing new and innovative services to their clients.
“Once the integration is complete, clients will be able to interact safely with an asset class that could be extremely risky if approached incorrectly… We worked with Conio to introduce an innovative custody solution based on a multi-signature system that ensures the safety of our clients’ Bitcoin and the possibility of wallet recovery in certain cases, such as inheritance. The recovery process is made possible through a third key, which Banca Generali holds on behalf of our clients, enabling them to recover their wallets if needed. We believe this is the real strength of our proposal and what will set us apart from the rest of the market.”
Banca Generali (the “best private bank in Italy” and a part of one of the world’s top ten insurers Generali Group) caters to HNWIs (High Net Worth Individuals) and strives to provide them the best private banking and wealth management services in Italy.