$87B Italian Bank To Add Bitcoin Trading

Share This Post

Banca Generali will reportedly enable its over 300,000 customers to buy and sell bitcoin early this year in a native integration with Conio.

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

Banca Generali’s over 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 two companies started a partnership in December 2020 and will soon launch the new function.

“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,” We Wealth reported. “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.

“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,” Riccardo Renna, COO and head of innovation at Banca Generali, told We Wealth. “This 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.”

Conio’s B2B offering has been implemented by another financial institution, Hype Challenger Bank, to enable customers the ability to trade bitcoin. Hype’s integration of Conio’s wallet gives its clients the opportunity to transfer BTC to external wallets, as well as to access backup and recovery data for their wallet’s private keys.

The We Wealth report didn’t specify whether Banca Generali would enable its customers to transfer bitcoin to external wallets or whether they would hold the other two keys in the multisig setup.

Read Entire Article

Related Posts

Coinbase Launches Interlocutory Appeal In SEC Case – Details

Coinbase is seeking an interlocutory appeal in its ongoing court case with the US Securities and Exchange Commission (SEC) This petition marks the latest development in a highly-monitored lawsuit

Bitcoin ETF Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To $61,000

There’s no denying the launch of Spot Bitcoin ETFs has done wonders for the price of Bitcoin and other cryptocurrencies in general These ETFs have now unlocked institutional demand into the

USDE and FDUSD Experience Brief Depegs Amid Saturday’s Crypto Market Shake-Up

The fifth-largest stablecoin in the crypto economy by market capitalization, Ethena’s USDE, temporarily detached from its peg on Saturday amid market declines Data reveals that the token,

Crypto Advocates Weigh in on Bitcoin’s Sudden Drop Amid Middle East Tensions

On April 13, Iran initiated a drone strike on Israel followed by reports that unmanned aerial vehicles (UAVs) were intercepted by Israeli, US, and other Western allied forces Concurrently, bitcoin

Hong Kong ETFs: Issuers Claim Mainland China Funds Cannot Invest In Crypto Products

Bitcoin and Ether spot exchange-traded funds (ETFs) are set to receive the final approvals in Hong Kong as early as Monday next week According to a recent Matrixport report, these investment products

“Smart Bouncers” and selective transparency: A preventative compromise to brash FinCEN proposal

To reveal or not to reveal That is starting to become the question when it comes to data on the blockchain Transparency and immutability might disable the control of data by large power structures,
- Advertisement -spot_img