Criptovalute, per favore – More and more banks are looking to gain exposure to the growing cryptocurrency sector. This is now the case of Banca Generali, in Italy, which announces that it has made a large investment in the Conio wallet crypto company, and promises much more for 2021.
14 million dollars invested in a crypto-startup
Banca Generali is one of the largest Italian banks. It is a private institution, specialised in managing the assets of very wealthy clients.
Via a press release published on 15 December, the institution announced that it had invested no less than 14 million dollars in the crypto-company Conio, which notably offers a Bitcoin wallet (BTC). The 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 enable the bank to benefit from the startup’s custody and trading services for crypto-assets. Conio already manages more than 150,000 portfolios of cryptomoney for its mainly Italian clients.
Conio explains that it has developed an exclusive technology with patents designed to ensure the secure storage of cryptos, while reducing counterparty risk. These include a patented guard system, based on multi-signatures, with 3 security keys.
An offer of cryptos to high net worth clients
Another important revelation: thanks to this agreement with Conio, the Italian bank announces that it will provide its customers with access to Bitcoin and other crypto-actives as early as 2021.
„(…) We expect that the future structure of the financial markets will be influenced by blockchain technology, which continues to enable innovation via cryptomoney and in many other areas of the financial ecosystem. (…) the agreement with Conio means an expansion of the services offered to our clients and a collaboration with an innovation-oriented partner (…)“.
Gian Maria Mossa, CEO and DG of Banca Generali
Christian Miccoli, co-CEO of Conio, also points out that :
„This agreement with Banca Generali is a major step towards a new era for the entire financial system (…). After 10 years of development and stabilisation of their sector, cryptomoney is now entering a new tangible phase, by entering the range of services offered by financial institutions. »
Without heavy regulatory barriers, the cryptosphere in Italy can progress and innovate to the point where it now reaches the banks. For its part, thanks to this partnership with Conio, the Banca Generali ensures that it is among the first transalpine banks to be able to directly offer cryptomoney managed via its bank account.