$87 billion Italian bank Banca Generali plans to launch Bitcoin trading services in early 2022
Banca Generali – an Italian Bank geared towards private banking and wealth management – has joined many other banks in recent weeks with a plan to allow customers to trade Bitcoin. So, Over 300,000 customers of Banca Generali will be able to purchase and hold Bitcoin this year.
Italy’s top private bank Banca Generali to allow users to buy Bitcoin
Banca Generali plans to launch Bitcoin trading services in early 2022. These services will be enabled through integration with Conio – a Bitcoin exchange/wallet application.
The financial magazine “We Wealth” provided details on the bank’s new services last month. Apparently, 300 000 Banca customers will be able to create Bitcoin wallets directly from their bank accounts. The company previously invested millions of dollars in Conio, which shares locations in both San Francisco and Italy.
Both companies started working together in December 2020, initially planning to launch the service in 2021. However, Riccardo Renna – Chief Operating Officer at Banca – is confident that the project will launch early this year.
“From that moment on, customers will be able to operate safely on an asset class that could otherwise be risky if approached incorrectly,” he said.
The new services offer the advantage of buying Bitcoin simply by funding one’s debit or credit account, rather than using a third-party payment provider. It also features a unique multi-sig wallet solution to enhance security and ensure that wallets can be recovered in case of a row.
“We know that the future structure of the financial markets will certainly be influenced by the blockchain technology that continues to make its way,” said Renna. “We are working with Conio at various tables to study possible adaptations of the blockchain to our processes and systems.”
Many major banks have announced plans to adopt similar Bitcoin wallet services in recent weeks. The most notable of these is the German Savings Banks Association, a network of 400 banks around the country. Their service alone has been able to provide easily accessible cryptocurrency services to more than 50 million people.
Shortly after, two other major German banks announced plans to integrate crypto wallets, including Commerzbank and Volks-und Raiffeisenbank. Most recently, a New Jersey-based retail bank partnered with Bakkt — a crypto custody service provider — to start allowing customers to trade cryptocurrencies.
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