The private bank Banca Generali will be the first in Italy to enable direct crypto purchases.
This year, almost 300,000 Banca Generali clients will be able to buy and retain Bitcoin.
The functionality was made possible by the bank’s collaboration with cryptocurrency platform Conio, and it will be implemented into Bance Generali’s Home Bank application.
According to a recent We Wealth report, Banca Generali’s private clients will be able to purchase and sell Bitcoin using the bank’s app. The bank will integrate the Conio Inc. platform into its Home Banking system, allowing customers to trade cryptocurrencies without leaving the bank’s online infrastructure.
In December 2020, the bank invested $14 million in Conio and gave its customers bitcoin custody.
The integration of the Conio platform is expected to be finished early in 2022, according to Riccardo Renna, COO of Banca Generali:
“Once the integration is complete, clients will be able to interact safely with an asset class that could be extremely risky if approached incorrectly.”
Renna went on to say that the incorporation of Bitcoin was part of the bank‘s more extensive strategy to give new and creative services to its bankers and clients.
“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.”
Banca Generali is a subsidiary of the Generali Group, one of the top ten insurers in the world. It is known as Italy’s top private bank and caters to high net worth individuals (HNWIs) looking for private banking and wealth management services.
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