Italian Banca Generali Partners with Conio to Provide Bitcoin Trading Services

Italian bank targeted on private banking and wealth management, Banca Generali, will allegedly collaborate with Bitcoin corporation Conio to provide BTC services to its users. The Italian Bank, with $87 Billion in assets, is all set to indulge in the integration of Bitcoin services on its platform this year.

The bank currently enjoys a significant clientele of around 300,000 customers. Banca Generali will immediately start working on the design of a Bitcoin wallet that connects with their bank accounts. This convenient element in the services of the bank was introduced by Conio, a Fintech established in San Francisco by two Italians. Bance Generali also happens to be the leading investor in Conio. While this is true, the two companies commenced working on the project together in December 2020 and will be able to inaugurate the novel feature this year.

According to We Wealth, once the feature is installed in Banca Generali’s private mobile banking app, the users of the app will be able to avail Bitcoin trading options directly from the app. The trading operations for the crypto token will possess a similar ecosystem as is seen in normal banking operations. Additionally, the users will also be able to immediately debit or credit their existing accounts for carrying out transactions with bitcoin. The users subsequently, won’t have to depend on payment cards or share information with another party.

Once Conio’s platform is merged in the Italian bank’s app, customers will be able to create their Bitcoin wallets for the trade of Bitcoin. The wallet will also facilitate a 2-of-3 multi-signature configuration for heightened security purposes.

According to Riccardo Renna, Chief Operating Officer and head of innovation at Banca Generali, the idea of working with Conio lies in establishing a creative solution for the custody and usage of Bitcoin in a multi-signature system. This will not only assure safety but also provide users with an option to recover the wallet in particular instances, like the case of succession. Having said that, Bance Generali has always endorsed a third security key on behalf of the client. This ensures retrieval in case of need.

Another company called the Hype Challenger Bank has availed Conio’s B2B offering to allow their users the possibility to trade Bitcoin. In this particular case, the customers are given an option to relocate their BTC to external wallets, while the option to recover or backup data is already there for the wallet’s private keys.

However, We Wealth was unable to ascertain whether Bance Generali would allow the clients to move their Bitcoins to external wallets as is the case with Hype Challenger Bank.