Institutional adoption of cryptocurrency is steadily on the rise, as more companies continue to venture into it. Banca Generali, a leading bank in Italy has decided to go into crypto. The bank would be doing this via a partnership with crypto wallet company, Conio. Banca Generali is a bank belonging to the biggest insurance provider in Italy, Assicurazioni Generali.
Crypto Custody Services for Banking Customers
The announcement was made by the bank on December 15 through its official website. The bank said it would be going into a “new corporate and commercial partnership” with Conio. This partnership would aim to provide crypto custody services to Banca Generali’s customers. The custody service will be available from next year, with the precise date still not clear. The service would only make use of Bitcoin now because it is “the main digital currency that makes up most of the market.”
Banca Generali also announced it will hold a stake in the wallet company. It exokznis that this acquisition will help to foster Conio’s growth and product distribution. The Italian bank dominated the latest investment round in the company with a sum of $14 million. Previously, Conio was only able to raise about $3 million and $3.5 million respectively in former rounds.
Christian Miccoli, co-CEO of Conio expressed his hope in this new partnership. He said: “This agreement with Banca Generali is a significant step towards a new era for the whole financial system with more traditional financial institutions.” The CEO believes that this would facilitate more partnerships between” the established and the new players” in finance. Banca Generali says it chose Conio because of its unique tech that reduces risk and makes custody safe.
Conio is an Italian crypto company that provides wallet, custody, and negotiation services to its customers. Although it is Italian, it was founded in America 5 years ago by Miccoli and his partners. Currently, Conio offers its services to a vast 150,000 customers in Italy. According to data from Statista, there are 61 million wallets on the blockchain. Banca Generali hopes to establish itself in the crypto market with this wallet partnership.