By Hassan Mehmood (Saudi Arabia)
Banca Generali, one of the largest private banks, may roll out crypto services next year. Per the new announcement, it is collaborating with the largest crypto custody provider known as Conio.
As per the information given in the announcement published on December 15, Banca Generali, the giant private bank of Italy, engages in a corporate partnership with Conio, the specialized custody firm in offering services to institutions.
An official of the bank revealed that it will equip its customers with the services of Conio wallet and it does not have a plan to introduce cryptocurrency exchange in the future.
Investment Round of $14 Million
Banca Generali is supervising an investment seed round that has collected a total of $14 million. According to Conio’s official, Italy’s private bank has made the largest portion of the round while identities of other small investors are not revealed by the company.
The wallet and custody provider came into crypto space in 2015 in Italy. As the first wallet firm in Italy, it raised $3 million at the end of 2015 as a part of an investment seed project. In 2018, it raised a total of $3.5 million from the biggest investors, including the Banca Sella.
Also read:Michele Seghizzi, head of marketing at Banca Generali, claims that it will provide only services of crypto custody for Bitcoin for the time being. And the investors are offering an investment from $500,000 to $10 million. Seghizzi said:
“We decided to focus on the main digital currency that makes up most of the market and get all the security correct. They [Conio] are open to enlarging the service to other digital currencies in the future.”
Conio has a long history of working with institutions in the traditional space. At the start of 2020, it integrated with another bank, known as Hype. The integration of both firms offered an opportunity to 1.2 million customers in storing, buying, and selling of the world’s leading digital currency via an app.
As a result of the latest partnership, the customers of the Banca Generali will be able to store the private key on their mobile devices while both the bank and the wallet provider will also store private keys under their supervision. This is because if a customer loses the key, he can easily recover funds with the help of Conio and the bank.
MassMutual, one of the largest insurance firms in the United States, has made a recent deal of Bitcoin purchase worth $100 million.
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