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As cryptocurrency adoption gains momentum, a number of financial institutions have started to offer crypto-related services to their customers. The latest to join the trend is Banca Generali, which is set to offer a cryptocurrency custody service to its clientele via,its planned acquisition of a stake in a Bitcoin (BTC) wallet provider.
Italian private bank Banca Generali announced that it will soon offer crypto custody service to its clients starting next year, Bitcoin.com reported. To make this happen, the bank will purchase a stake in the Bitcoin wallet provider Conio.
“Under this partnership agreement, Banca Generali will acquire a stake in Conio Inc. to support the company’s growth and the distribution of its products as part of the Banca Generali’s range of digital services offered to its customers,” the bank announced on Tuesday.
Conio, a crypto wallet provider that is popular in Italy, successfully raised $14 million in a recent funding round led by Banca Generali. Conio will allow the bank to start offering its crypto custody services to the latter’s clients via “a commercial distribution agreement.” The service will start sometime in 2021 but the exact launch date has not yet been announced by either party.
The bank’s decision to offer the service is driven by customer demand. “The growth of bitcoin has drawn more attention to this asset class, particularly among younger customers,” Banca Generali CEO Gian Maria Mossa said, according to Forbes. “Blockchain technology and digital currencies are gaining a place in global payment systems and, as an innovative bank keen to develop digital services, we want to be able to offer broader services to our clients and to be competitive in this new environment
Banca Generali is known as the best private bank in Italy and is the banking arm of the Generali Group, one of the world’s biggest insurers. The bank is listed on the Italian stock exchange and manages over $85.6 billion in assets for its more than 300,000 clients, most of which are high net worth individuals.
Conio is an Italian Bitcoin wallet provider founded in 2015. Aside from allowing users to sell, buy and hold BTC, the firm also provides “financial institutions, banks, and insurance companies integrated solutions for the management of digital assets, from wallets for the management of cryptocurrencies to the integration of blockchain protocols within cards and payment services on smartphones.”
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