According to a Dec. 15 announcement, Banca Generali has entered a corporate and commercial partnership with Conio, a fintech company providing traditional financial institutions with solutions for managing digital assets including wallets and custody.
According to Cointelegraph, a spokesperson for Banca Generali said that the bank does not plan to launch a cryptocurrency exchange in the immediate future, but rather provide “service with Conio as wallet.”
Banca Generali will also acquire a stake in Conio to support the company’s growth and the distribution of its products as part of the Bank’s range of digital services offered to its customers. Therefore, the bank has participated in Conio’s share capital increase of $14 million.
Founded back in 2015, Conio claims to be the first Bitcoin (BTC) wallet from Italy. The firm has developed a proprietary custodial technology targeting institutions like banks.
Banca Generali is not the only Italian bank announcing its crypto-related plans in 2020. In March 2020, Italy’s Banco Sella launched its own Bitcoin trading service, allowing customers to trade Bitcoin through its Hype platform.