Italy’s top private bank Banca Generali to allow users to buy Bitcoin
The private bank will become the country's first to offer direct crypto purchases.
Over 300,000 customers of Banca Generali will be able to purchase and hold Bitcoin this year.
The feature was enabled through the bank’s partnership with cryptocurrency platform Conio, which will be integrated into Bance Generali’s Home Bank application.
Bitcoin trading is coming to Banca Generali
According to a recent report from We Wealth, Banca Generali’s private clients will be able to buy and sell Bitcoin through the bank’s application. The bank will be integrating the Conio Inc. platform into its Home Banking system, enabling its users to engage in cryptocurrency trading without leaving the bank’s online infrastructure.
The bank purchased a $14 million stake in Conio in December 2020 and has since provided its users with bitcoin custody.
Riccardo Renna, the COO of Banca Generali, said that that the integration of the Conio platform is set to be completed early in 2022.
“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 added that the addition of Bitcoin was part of the bank’s larger plan to provide its bankers and their clients with new and innovative services.
“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 is part of the Generali Group, one of the world’s top ten insurers. Known as the best private bank in Italy, it caters to high net worth individuals (HNWIs) seeking private banking and wealth management services.