Banca Generali, the banking arm of Italy’s largest insurance group, announced that it will provide cryptocurrency custody services to its customers starting next year. To this end, the bank acquired shares in Bitcoin wallet provider Conio.

Assicurazioni Generali, Banca Generali and Conio Bitcoin wallets

The banking division of Italy’s largest insurance company Assicurazioni Generali Group announced on Tuesday: “It has established a new corporate and commercial partnership with Conio Inc., a financial technology company engaged in the cryptocurrency industry.”

Banca Generali, listed on the Italian Stock Exchange, is a private bank that belongs to the main group of Generali. It manages 70.4 billion euros ($85.6 billion) in assets for more than 300,000 clients. The majority of the bank’s shares are owned by Assicurazioni Generali. In April 2018, Banca Generali won the Global Brand Award organized by Global Brands Magazine. Over the years, the bank has been named “Italy’s Best Private Bank” by the Group Magazine of the Financial Times.

Details of Tuesday’s announcement:

According to this cooperation agreement, Banca Generali will acquire shares in Conio Inc. to support the company’s development and product distribution as part of a series of digital services provided by Banca Generali to customers.

The “commercial distribution agreement” between Banca Generali and Conio allows the bank to “start providing Conio services to Banca Generali customers in 2021.” Banca Generali recently led Conio Inc’s $14 million financing. However, the bank has not announced an exact date for the launch of the encryption service.

Founded in 2015, Conio is an Italian Bitcoin wallet provider that allows users to buy, sell and hold BTC. The announcement described that the Bitcoin company also provides “integrated solutions for digital asset management by financial institutions, banks and insurance companies, from wallets for managing cryptocurrencies to the integration of blockchain protocols in cards and on smartphones. Perform payment services.”

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What do you think of the encryption services provided by Banca Generali in Italy? Let us know in the comments section below.

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