According to reports, Italian Bank Banca Generali, worth $87 billion in assets, will integrate Bitcoin services to its platform early this 2022 via a partnership with Bitcoin company Conio.
Soon, the over 300,000 customers of this bank will be able to create a Bitcoin wallet in their bank account directly. This feature has been made possible by Conio. Both companies began a partnership in Dec 2020 and will be launching the new function soon.
We Wealth reported that:
“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.”
The platform of Conio will be integrated with the banking app of Banca Generali. Also, all clients will be permitted to create a Bitcoin wallet, which will help them buy and sell Bitcoin. Also, for more security, the wallet will leverage a 2-of-3 multi-signature arrangement.
In an interview with We Wealth, Banca General’s COO and head of innovation, Riccardo Renna, revealed that:
“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. 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.”
The implementation of Conio’s B2B offering has been conducted by Hype Challenger Bank to help customers trade Bitcoin. The integration of Conio’s wallet by Hype will allow its clients to transfer Bitcoin to external wallets, coupled with accessing backup and recovery data for the private keys of their wallet.
Disclaimer: Information found on Blue Edge Crypto is those of writers quoted. It does not represent the opinions of Blue Edge Crypto on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.