The private bank will be the first in the nation to enable direct cryptocurrency purchases. This year, almost 300,000 Banca Generali users will be able to acquire and retain Bitcoin.
The service was achieved via cooperation between Bance Generali and cryptocurrency platform Conio, which will be incorporated into the bank’s Home Bank application.
Bitcoin trading will soon be available at Banca Generali.
Banca Generali’s private customers will be able to purchase and sell Bitcoin using the bank’s application, according to a recent article from We Wealth. The bank will integrate the Conio Inc. platform into its Home Banking system, allowing customers to conduct bitcoin transactions without leaving the bank’s web infrastructure.
The bank invested $14 million in Conio in December 2020 and has since given bitcoin custody to its customers. Riccardo Renna, Banca Generali’s Chief Operating Officer, said that the Conio platform integration is scheduled to be finished in early 2022.
“Once the integration is complete, customers will be able to engage securely with an asset type that, if treated wrong, may be quite dangerous.”
Renna stated that the incorporation of Bitcoin was part of the bank’s broader strategy of providing new and creative services to its bankers and customers.
“We collaborated with Conio to provide a unique custody solution built on a multi-signature system that assures the security of our customers’ Bitcoin and the potential of wallet recovery in specific circumstances, such as inheritance. The recovery procedure is enabled by a third key that Banca Generali maintains on behalf of our customers, allowing them to restore their wallets in the event of a failure. This, we feel, is the true strength of our plan and what would differentiate us from the competition.”
Banca Generali is a subsidiary of the Generali Group, one of the top ten insurers in the world. Known as Italy’s best private bank, it provides private banking and wealth management services to high net worth individuals (HNWIs).