Italian Banking Giant Banca Generali to Soon after Crypto Services After Its $14-Million Stake In Conio
In yet another development of banking institutions warming up to crypto market and services, Italian banking giant Bancar Generali has invested $14 million for a minority stake in Bitcoin wallet provider Conio.
This partnership will allow the Italian Bank to offer Conio’s services to its customers in 2021. Moreover, the partnership will also allow Banca Generali to expand its services amid the growing interest for digital assets among its clients.
The Italian bank notes that the major surge in crypto markets during recent months has generated massive demand for crypto wallets among Italian investors. As per its latest plans, Banca General will be offering crypto custodial services in partnership with Conio.
Banca Generali Chief Executive Officer and General Manager Gian Maria Mossa stated: “This is an important industrial partnership both from a technological as well as a management perspective. We predict that the future structure of financial markets will be influenced by blockchain technology, which continues to enable innovation in cryptocurrencies and many other areas of the financial ecosystem”.
He further added: “Some central banks have already begun studies and projects to introduce digital currencies alongside traditional systems; global payment systems players are including this new world in their business models; and in Switzerland we are seeing the creation of the first banks based on blockchain systems. In this context, the agreement with Conio means an expansion of the services offered to our customers and collaborating with an innovation-oriented partner. We can thus continue to develop our open-banking platform expanding our offering with industry leading innovative solutions. I would also like to highlight the great attention that Conio pays to security and regulatory aspects, which have been key to the creation of this partnership."
Founded in 2015, Conio is one of the leading crypto wallet service providers in Italy. Besides, its robust technology and patents ensure secure crypto custodial services along with minimal counterparts risks. Conio also facilitates a crypto custodial system with multi-sig features.
Earlier in 2020, Conio also entered a partnership with Italian challenger bank HYPE for letting its customers buy, sell, and store Bitcoin (BTC). Speaking on the latest partnership, CEO of Conio Christian Miccoli said: “After ten years of development and industrial stabilisation, cryptocurrencies are now entering into a tangible new phase, debuting on the financial institutions' range of services. With this transaction, Banca Generali is positioning Italy as a leading country in Europe in the race towards the development of these new technologies.”