Italy’s Leading Private Bank Plans to Start Crypto Services

Banca Generali, an Italian bank focused on wealth management and private banking, announced today that it has partnered with an Italian crypto wallet provider, Conio to offer its services to the clients of Banca Generali in 2021.

According to the official press release, the private bank has made a $14 million investment in Conio to acquire a minority stake. Banca Generali aims to expand its services with the recent partnership amid the growing interest of Italian clients in digital assets.

The bank outlined the significant growth of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term in recent months and mentioned that the demand for crypto wallets in Italy is increasing. Banca Generali plans to offer crypto custody services in partnership with Conio.

Commenting on the recent partnership, Gian Maria Mossa, General Manager and CEO of Banca Generali, said: “We predict that the future structure of financial markets will be influenced by Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology, which continues to enable innovation in cryptocurrencies and many other areas of the financial ecosystem."

"The agreement with Conio means an expansion of the services offered to our customers and collaborating with an innovation-oriented partner. We can thus continue to develop our open-banking platform expanding our offering with industry-leading innovative solutions. I would also like to highlight the great attention that Conio pays to security and regulatory aspects, which have been key to the creation of this partnership.”

Digital Europe

In addition to the details about the recent partnership, the Italian bank mentioned the progress that other European countries have made in the creation of digital currencies. The bank praised the integration of blockchain technology in the Swiss banking system. For Conio, it seems like a good opportunity to help financial institutions in the adoption of crypto services.

“This agreement with Banca Generali is a significant step towards a new era for the whole financial system with more traditional financial institutions opening the way for collaboration between the established and the new players. After ten years of development and industrial stabilization, cryptocurrencies are now entering into a tangible new phase, debuting on the financial institutions' range of services,” Christian Miccoli, CEO of Conio said in a statement.