Banca Generali, the major Italian private bank, has planned to introduce cryptocurrency services in 2021.
It has been reported that the bank has entered a corporate and commercial partnership with Conio, a fintech company providing traditional financial institutions with solutions for managing digital assets including wallets and custody.
However, a spokesperson for Banca Generali, said that the bank does not plan to launch a cryptocurrency exchange in the near future, but rather provide “service with Conio as wallet.”
The bank will also acquire a stake in Conio to support the company’s growth and the distribution of its products as part of the Bank’s range of digital services offered to its customers. As such, the bank has participated in Conio’s share capital increase of $14 million.
Conio has developed proprietary custodial technology targeting institutions like banks. In the past, Conio has partnered up with major fintech banking platforms like Hype and Nexi Open Banking.
Banca Generali is not the only Italian bank announcing its crypto-related plans in 2020.
Thus, in March 2020, Italy’s Banco Sella launched its own Bitcoin trading service, allowing customers to buy, sell, and store Bitcoin through its Hype platform.
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