$87 Billion Italian Bank to Let Customers Buy, Sell, and Hold Bitcoin ($BTC) on Its Platform
Banca Generali, an Italian bank with over $87 billion in assets with a reputation for working with high net worth individuals, is set to add Bitcoin buying and selling options to its platform through a partnership with Bitcoin company Conio.
According to a report from local news outlet We Wealth, Banca Generali’s over 300,000 customers are set to soon be able to create a BTC wallet directly linked to their bank account. Conio, according to Bitcoin Magazine, was founded in San Francisco by two Italians and has received investment from Banca Generali
Banca Generali and Conio reportedly first partnered in December 2020 and are now set to launch the new functionality. We Wealth reports that once it’s out, Banca Generali’s customers will be able to buy, sell, and hold BTC directly on their mobile banking applications. The move will offer them the advantage of the wallet being linked to their bank accounts, allowing them to gain exposure to BTC “without having to rely on payment cards or having to transmit data to third parties.”
The cryptocurrency wallet is set to leverage a 2-of-3 multi-signature arrangement for added security. Riccardo Renna, COO and head of innovation at Banca Generali, was quoted saying:
We worked with Conio for an innovative custody solution based on a multi-signature system that ensures the custody of Bitcoins and the possibility of recovering the wallet in certain cases, such as that of a succession.
Renna added that the recovery is made possible because “Banca Generali keeps the third security key on behalf of the customer, allowing him to retrieve it in case of need.” The report notably did not clarify whether customers would be able to transfer the BTC out of Banca Generali’s wallet.
Similar services have been launched by multiple fintech firms over the last few years, one of the most notable ones being PayPal. As reported, in October 2020 it started letting its users buy, sell, and hold crypto on its platform.
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