Italy’s Top Private Bank To Offer Bitcoin Services

It was predicted in 2021 that crypto adoption will increase massively in 2022, and it seems it has already started. Italy’s major private bank Banca Generali, has reportedly told its customers that they will make direct crypto purchases and hold the digital assets, such as Bitcoin soon.

The private bank disclosed recently that it will roll out the feature, and through it, its private clients can make crypto transactions via the bank’s app. The bank has collaborated with Conio, a prominent payment gateway service firm to integrate the feature into the application. 

The announcement will bring some liveliness to the crypto community in Italy amidst a week of turbulence in the market where major cryptos are lavishing in the red zone as of the time of writing. Bitcoin is trading below $47k, while ETH/USD rate is around $3.7k. 

Bitcoin Trading Will Be Brought To Life In Banca Generali

Crypto banking is one service that traditional banks rarely offer due to regulatory pressure, fears of uncertainty in the market, and the infrastructure in place to facilitate such service. Banca Generali is altering the notion by becoming the first private traditional bank to offer crypto services. 

The bank executives released a statement that the bank will be offering crypto services through the bank’s app, which will allow its affluent customers to indulge in BTC trading at the comfort of their homes. 

The COO of the bank, Riccardo Renna, revealed that adding Bitcoin trading has always been part of the bank’s bigger picture to offer its clients with innovative services tailored for their comfort. The bank once worked with Conio to offer BTC custody to its clients. 

The custody is based on a multisig system to enhance the privacy and safety of the clients. According to Renna, the bank made it easy for its customers to recover their wallets through a third key should they misplace the password or if special cases like inheritance arise. 

Service Will Be Completed In Early 2022

Renna said that Conio will be fully integrated soon. When this is completed, customers will be able to trade the popular asset class. He emphasized the need to carry out the integration properly to avoid complications and further risks. 

Banca Generali acquired a $14M stake in Conio in 2020 to offer crypto custody. The bank is a subsidiary of the Generali Group, one of the top insurers in the world and caters to the needs of affluent individuals seeking personalized banking and management services. 

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