Baisakhi MishraIn early 2022, an Italian bank specializing in private banking and wealth management Banca Generali aims to start Bitcoin trading services. These services will be made possible thanks to a partnership with Conio, a Bitcoin wallet, and an exchange app.
Banca Generali aims to start Bitcoin trading services
Image Source: Coincu News
Last month, the financial journal “We Wealth” published an article about the bank’s new offerings. Thanks to Conio, Banca’s 300,000 customers will reportedly be able to build a Bitcoin wallet directly from their bank accounts. Conio, which has locations in both San Francisco and Italy, has already received millions of dollars from the former.
Both companies started working together in December 2020, with plans to deliver services in 2021. However, Riccardo Renna, Banca’s Chief Operation Officer, is optimistic that the project will get underway this year.
“From that point forward, customers will be able to operate safely on an asset class that, if addressed incorrectly, may be risky,” he said.
Rather than employing a third-party payment provider, the new services allow users to acquire Bitcoin by simply financing their debit or credit accounts.
It also has a one-of-a-kind multi-sig wallet solution for further protection and to secure wallet recoveries in the event of succession.
“We know that blockchain technology, which is still gaining traction, will undoubtedly have an impact on the future structure of financial markets,” Renna added. “At several tables, we’re working with Conio to investigate prospective blockchain modifications to our processes and systems.”
In recent weeks, several large banks have revealed plans to implement similar Bitcoin wallet services. The German Savings Bank Association (called Sparkasse), a network of 400 banks across the country, was the most renowned of these. Their services could provide crypto services to more than 50 million consumers.
Soon after, Commerzbank and Volks- und Raiffeisenbank, two more big German banks, revealed plans to integrate crypto-wallets. Recently, a retail bank in New Jersey teamed with Bakkt, a Bitcoin custody service, to begin allowing clients to trade cryptocurrencies.
Bitcoin Services Are Being Adopted By Banks
In recent weeks, a number of large banks have revealed plans to implement similar Bitcoin wallet services. The German Savings Bank Association (called Sparkasse), a network of 400 banks across the country, was the most renowned of these. Their services could provide crypto services to more than 50 million consumers.
Soon after, Commerzbank and Volks- und Raiffeisenbank, two more big German banks, revealed plans to integrate crypto-wallets. Recently, a retail bank in New Jersey teamed with Bakkt, a Bitcoin custody service, to begin allowing clients to trade cryptocurrencies.
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