With the ever-growing cryptocurrency industry and its adoption throughout the world, countries are lining up to adopt the crypto-services. Although the EU was against the idea of adopting cryptocurrencies in the beginning, things are now changing in the European continent.
There was a time when countries like Germany, Sweden, Spain, Italy, and other economic majors opposed the crypto-industry. However, it has recently been revealed that now Italy is on the lookout for adopting crypto-blockchain technology.
Following to the recent updates, one of the major private banks from Italy has made surprising news. The private bank ‘Bank Generali’ has confirmed that it is planning to set foot into the cryptocurrency space. The bank announced that it plans on introducing cryptocurrency services for its customers and stakeholders in 2021.
It was confirmed on December 15, 2020, that Banca Generali has already started expediting the process of initiating the project. In the first phase, the bank has confirmed that it has partnered with a fintech company known as ‘Conio’. It has been revealed that the partnership taking place between the two entities will be on the commercial and corporate level.
The company ‘Conio’ is a Financial Technology company that is known for providing solutions for managing digital assets that include custody and wallets. Conio is known prominently for providing these services to traditional financial institutions.
One of the spokespersons from Banca Generali spoke with one of the crypto-reporting forums. He clarified exactly what the private bank is planning to do. The representative clearly stated that Banca Generali has no such plans of introducing cryptocurrency exchange services to the users. Instead, the bank aims to work with Conio to introduce a wallet solution.
In addition to partnering with the fintech company ‘Conio’, Banca Generali will also be acquiring a stake in the company. The main reason behind the acquisition in Conio’s stakes is to ensure that it is able to support the firm towards its development and growth.
This would eventually help Conio in providing its customers and stakeholders with a wider range of products and digital services. Therefore, the bank has helped Conio increase its share capital by $14 million.
Conio was founded back in 2015 as a Bitcoin (BTC) wallet solution and is based in Italy. The firm has also made claims that it is the oldest and most prominent Bitcoin (BTC) wallet solution provider in Italy. The main reason behind Conio’s vast adoption in Italy is that it provides proprietary custodial technology to financial institutions all across the country.
Some of Conio’s major clients from the financial institution sector that has acquired its services over the course of time include banks. In the past, Conio also had the opportunity to collaborate with prominent fintech banking platforms such as Nexi Open Banking and Hype.