Italian Banca Generali Enable Bitcoin Services For Its Clients Early 2022

Banca Generali, an Italian private bank with $87 billion in assets, will reportedly offer Bitcoin services to its clients early this year through a partnership with Bitcoin company Conio.

The bank’s 300,000 customers will soon be able to create a bitcoin wallet directly in their bank account – a feature made possible by Conio, a fintech founded in San Francisco by two Italians in which Banca Generali is a major investor. The partnership was formed in December 2020, and will soon launch the new function.

Italian financial magazine We Wealth reported on Banca Generali’s new service:

“Once completed, the integration of the Conio platform within the Banca Generali Private mobile banking app will give the customer direct access to Bitcoin trading using the same environment that is already used in relation to other banking operations.

All with the additional advantage of directly debiting or crediting your current account for the purchase and sale of Bitcoins without having to rely on payment cards or having to transmit data to third parties.”

Conio’s platform will be integrated with Banca Generali’s banking app and all clients will be able to create a Bitcoin wallet that will allow them to buy and sell bitcoin. The wallet will also leverage a 2-of-3 multi-signature arrangement for increased security.

Riccardo Renna, Chief Operation Officer at Banca commented:

“We know that the future structure of the financial markets will certainly be influenced by the blockchain technology that continues to make its way.

We are working with Conio at various tables to study possible adaptations of the blockchain to our processes and systems.”

The new services provide the advantage of buying Bitcoin simply by funding one’s debit or credit accounts, rather than using a third-party payment provider. It also features a unique multi-sig wallet solution for increased security, and to ensure wallet recoveries are possible in case of succession.