Banca Generali, one of the largest banks in Italy, to allow Bitcoin (BTC) to be purchased

Banca Generali will soon offer its customers to buy Bitcoin (BTC)

Interviewed by We Wealth, an Italian media specializing in investment, Riccardo renna, the COO of Banca Generali, announced the bank’s intention to offer Bitcoin (BTC) to its customers. In a few weeks, the bank’s mobile application will make it possible to buy and store cryptocurrency.

“We will complete the integration early next year. From that moment on, clients will be able to operate in complete safety on an asset class that could prove to be risky if it is poorly approached ”, explains Riccardo Renna.

Services related to digital assets will be accessible through the same interface as other more traditional investments. Concretely, users will be able to buy Bitcoin by debiting their current bank account directly. It will not be necessary to use a debit or credit payment card to invest in the mother of cryptocurrencies.

All customers will be able to open digital wallets to store their bitcoins directly from the application. For the manager, it is “An additional step towards the completion of our private hub making various services and platforms available to our bankers and their clients”.

Banca Generali is one of the most important banks in Italy. Focused on wealth management, the bank counts more than 300,000 customers in the country. In 2020, the private bank generated revenues of $ 631,742 million. It is part of the Assicurazioni Generali group, one of the top ten insurers in the world.

👉 Also read: The President of El Salvador shares 5 predictions on Bitcoin (BTC) for 2022

A partnership with fintech Conio

To carry out its project, the Italian bank approached Conio, a fintech founded in 2015 in San Francisco that offers a mobile application to easily buy bitcoins. Banca Generali has in fact invested $ 14 million in Conio as of December 2020.

“We know that the future structure of financial markets will certainly be influenced by the blockchain technology that continues to gain ground. We are working with Conio from several angles to study the possible adaptations of the blockchain to our processes and systems ”, explains the COO of Banca Generali.

Thanks to its partnership with Conio, Banca Generali prides itself on offer increased security to its customers. In particular, it will ensure that cryptocurrencies held by a client can easily be bequeathed to his successors in the event of his death. For this, the bank reserves the right to keep the third security key of a multi-signature portfolio in the name of its client.

“We worked with Conio for an innovative custody solution based on a mulsignature system that ensures the safekeeping of bitcoins and the possibility of recovering the wallet in certain cases, such as that of an estate. This is made possible because Banca Generali keeps the third security key in the name of the client, allowing him to recover it when needed. We believe that it is the real strength of our proposition that sets us apart in the market ”, details Riccardo Renna.

More and more banks are allowing their customers to invest in Bitcoin. Recently, the Commonwealth Bank of Australia (CBA), Australia’s largest bank, has partnered with the exchange Gemini to offer cryptocurrency to its customers. A few weeks earlier, the Brazilian investment bank BTG Pactual has launched a cryptoasset trading service for its users. There is no shortage of examples of this ilk. Who will be next to turn to cryptocurrency?

👉 On the same theme: The largest bank in Colombia partners with Gemini to offer the purchase of cryptocurrencies

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About the Author : Florian Bayard

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