Banca Generali has partnered with an Italian custody service provider to introduce crypto to its customers next year.
From the announcement done Dec 15th, Banca has partnered with Conio, which is a fintech company giving digital assets to traditional financial institutions. Through the partnership, it will be able to offer Bitcoin custody to its customers.
Banca Generali does not plan to debunk the services through launching cryptocurrency exchange but plans to do it through service with Conio as a wallet. It plans to do that by acquiring a stake in Conio to support the company’s growth. It also plans to support the distribution of the company’s products, which is part of the bank’s digital services. The partnership has made the bank to increase Conio’s share capital to $14 million.
There is a merge between traditional and digital finance, which is evident by the move of financial institutions embracing cryptocurrency.
Conio was founded as the first Bitcoin wallet from Italy back in 2015. As a growth strategy, the firm created proprietary custodial technology to target financial institutions such as banks. The firm has also partnered with other fintech banking platforms such as Hype and Nexi Open Banking.
The crypto scene in Italy is creating a buzz. Banca Generali is not the only bank with crypto-related plans in 2021; Italy’s Banco Sella launched its own Bitcoin trading service in March 2020. It’s a hype platform that gives customers the chance to buy, sell, or store Bitcoin.
Banca Generali is one of the best private banks in Italy, and its move means a lot. The bank has a reputation for innovation in technology and investment management. It scores high when it comes to diversity, as 50% of its staff are women. The bank’s main target market are high net worth individuals interested in private banking and wealth management. Many high-net-worth individuals are open to cryptocurrency investment, and thus Banca Generali’s move is very strategic according to need.
It looks like we cannot afford to live without digital currencies and blockchain technology. According to Banca Generali’s CEO, Gian Maria Mossa, the bank made that move in order o remain relevant in the new competitive market as digital currencies and blockchain technology are widely embraced in global payment systems.