Banca Generali is set to introduce cryptocurrency to its users in 2021 after it secured a partnership with an Italian custody service provider. The major Italian private bank announced its plans on December 15. Banca Generali has partnered with a fintech firm known as Conio. The two firms plan to offer traditional financial institutions solutions for the management of digital assets including custody and wallets.
A Banca Generali told reporters that the bank does not have any plans to launch a crypto exchange soon. Instead, it is working on offering services with Conio as a wallet.
The bank will also buy a stake in Conio to support the firm’s growth and the distribution of its products as part of the Bank’s range of digital services provided to its clients. In that context, the bank has participated in Conio’s share capital increase of $14 million.
Launched in 2015, Conio alleges to be the first bitcoin wallet from Italy. The company has designed a proprietary custodial technology that targets institutions, including banks. Previously, Conio has partnered with major fintech banking platforms, including Hype and Nexi Open Banking.
The Italian private bank is not the only financial institution in the country announcing its crypto-related plans in 2021. In March, Italy’s Banco Sella unveiled its bitcoin trading service enabling its clients to buy, sell, and store bitcoin via its Hype platform.