This historic Italian bank invests in cryptocurrencies – its customers not at the end of their surprises

Criptovalute, per favore – More and more banks want to gain exposure to the growing cryptocurrency industry. This is now the case of Banca Generali, in Italy, which announces that it has made a large investment in the crypto-company of the wallet Conio, and which promises much more for 2021.

$ 14 million invested in a crypto-startup

The Banca Generali is one of the largest Italian banks. It is a private institution, specializing in the management of wealth for very wealthy clients.

Via a press release issued on 15 December, the institution announced it invested no less than $ 14 million in the crypto-business Crypto Cash, which proposes in particular a wallet Bitcoin (BTC). Banca Generali has thus become the main investor in a capital increase operation of the young crypto company.

This commercial partnership between Conio and Banca Generali will allow the bank to benefit from the startup’s crypto-asset custody and trading services . Conio already manages more than 150,000 cryptocurrency wallets for its mainly Italian clients.

Conio explains that he has developed a proprietary technology with patents designed to ensure the security of crypto storage , while reducing counterparty risk . In particular a patented guard system, based on multi-signatures , with 3 security keys.

A crypto offer to wealthy clients

Another important revelation: thanks to this agreement with Conio, the Italian bank announces that it will allow access to Bitcoin and other crypto-assets to its customers, starting in 2021 .

“(…) We anticipate that the future structure of financial markets will be influenced by blockchain technology, which continues to enable innovation through cryptocurrencies and in many other areas of the financial ecosystem. (…) The agreement with Conio means an extension of the services offered to our customers and a collaboration with a partner oriented towards innovation (…) ”

Christian Miccoli , co-CEO of Conio, also states that:

“This agreement with the Banca Generali is a big step towards a new era for the entire financial system (…). After 10 years of development and stabilization of their sector, cryptocurrencies are now entering a new tangible phase, entering the range of services of financial institutions. ”

Without heavy regulatory barriers , the cryptosphere in Italy can progress and innovate to the point of now reaching the banks. For its part, thanks to this partnership with Conio, Banca Generali ensures that it is among the first transalpine banks to be able to offer cryptocurrencies directly, managed through its bank account.