Italy’s biggest insurance company, Generali announces to render crypto custodial services through its financial institution, Banca Generali. The services are to be started in the coming year. In pursuit of its objective, BancaGenerali has bought shares in Conio – wallet provider for Bitcoin.
The local news agency from Italy broke the news that BancaGenerali will soon be launching crypto custodial services for its customers. The bank made the announcement on 15th December, 2020 (Tuesday) and told that the services will be launched at the start of 2021.
Banca Generali is one of the top commercial banks in Italy whose parent company is Generali Group. On the other hand, the Group is the largest insurance company operating within Italy and had established multiple businesses worldwide.
It was informed by BancaGenerali that a partnership arrangement had been arrived at between the bank and Conio Inc. Since Conio is already in the crypto industry providing Bitcoin wallet services therefore the bank decided to take it on board. It was told that the crypto custodial services will be managed and operated through Conio Inc.
In pursuit of its objective of rendering crypto custodial services, the bank had acquired a certain amount of shares in Conio. The bank told that it currently holds US$ 86 Billion worth of assets for customers exceeding over 300,000. It told that the crypto custodial services through the cooperation of Conio would be sent live in the initial months of 2021. Once this is done, then the bank’s customers will be able to utilize custodial services to keep their digital assets safe.
Partnership details suggested that a Distribution Agreement had been executed by both, BancaGenerali and Conio. As per the agreement, Conio will be responsible for ensuring crypto custodial services to the customers of Banca Generali.
However, the exact date for launching the crypto custodial services by BancaGenerali had not been provided by the bank.
Banca Generali and Conio Inc. are two well-known Italian-based entities and have acclaimed various awards in their respective fields. Banca Generali is regarded as Italy’s best bank in the private sector. Meanwhile, Conio Inc. was established in the year 2015 and providing digital wallet and crypto trading services to Bitcoin owners.