Major Italian private bank, Banca Generali, is planning to introduce cryptocurrency services in 2021. According to a Dec. 15 announcement, Banca Generali 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.
A spokesperson for Banca Generali told Cointelegraph that the bank does not plan to launch a cryptocurrency exchange in the near future, but rather provide “service with Conio as wallet.”
Banca Generali 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.
Founded back in 2015, Conio claims to be the first Bitcoin (BTC) wallet from Italy. The firm has developed a 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. 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.