A Top bank in Italy, Banca Generali, with over 300,000 customers will start allowing the purchase and holding of Bitcoin (BTC) this year.
According to the report, the feature was enabled via the partnership of the bank with the crypto platform Conio, which will be integrated into Bance Generali’s Home Bank application.
The bank’s customers will engage in cryptocurrency trading without leaving the bank’s online infrastructure.
The bank bought a $14 million stake in Conio in December 2020 and has since provided its users with Bitcoin (BTC) custody.
According to the COO of Banca Generali, Riccardo Renna, the integration of the Conio platform is set to complete in early 2022. He added that the addition of Bitcoin was part of the bank’s larger plan to provide its bankers and their clients with new and innovative services.
Riccardo Renna noted:
“Once the integration is complete, clients will be able to interact safely with an asset class that could be extremely risky if approached incorrectly.”
“We worked with Conio to introduce an innovative custody solution based on a multi-signature system that ensures the safety of our clients’ Bitcoin and the possibility of wallet recovery in certain cases, such as inheritance.
“The recovery process is made possible through a third key, which Banca Generali holds on behalf of our clients, enabling them to recover their wallets if needed. We believe this is the real strength of our proposal and what will set us apart from the rest of the market.”
Banca Generali is part of the Generali Group, one of the world’s top ten insurers. Known as the best private bank in Italy, it caters to high net worth individuals (HNWIs) seeking private banking and wealth management services.