- The Italian financial institution Banca Generali announced that as of this 2022 it will give its clients the possibility of buying and selling Bitcoin.
- Although they did not specify from when they will be able to access this service or if it will include other cryptocurrencies, it is believed that this project will arrive around the first quarter.
- This new action on the part of the Italian institution occurs after having reached a partnership with the company specialized in cryptocurrencies Conio.
In the United States, the BNY Mellon did it, in Switzerland, the Spanish BBVA, in France, Societe Generale, and now In Italy, Banca Generali has joined the group of banks that offer Bitcoin services to their customers. The tano bank is the latest to join a trend that has increased in recent days.
Cryptocurrencies and traditional banking, which at one time have been polar opposites, today attract each other. More and more institutions have decided to implement this system and seeing the interest of the Italian people, the Generali Banking, which has more than 300 thousand clients and has $ 87 billion dollars in assets, will bet on Bitcoin.
In early 2022, the bank will give its users the possibility to buy and sell digital gold. The month was not specified, but it is believed that it will not be beyond the first quarter; There are also no details if other cryptocurrencies can be acquired.
Crypto association
This new action on the part of the Italian institution comes after having reached an association with the company Conio, specialized in cryptocurrencies. This fintech was founded in San Francisco (USA) by two Italians.
At the end of December of last year, Riccardo Renna, Director of Operations and Director of Innovation of Banca Generali declared to We Wealth what to In early 2022, Banca Generali will complete the full integration of the Conio platform in its domestic banking system and once integrated within its mobile application, its clients will be able to operate with Bitcoin safely. in an asset class that could otherwise be risky if approached incorrectly by not having to rely on payment cards or having to pass data on to third parties
An account to store BTC
Bank users will have an account to store BTC as they already have in euros or dollars. Everything, in a simple way, will be found in the same place and will not have to test in complicated exchanges or use different networks.
Fearing hacks, cryptocurrency users often highly value security systems. If that raises concern, from the bank they assured that they worked on it so that there are no leaks of data or assets.
“TWe work with Conio for an innovative custody solution based on a multiple signature system that ensures the custody of Bitcoin and the possibility of recovering the wallet in certain cases, such as that of a succession”, Expressed Riccardo Renna.
The Bank will function as if it were a centralized exchange: the client will only have the public key, although not the private key.
“This is possible because Banca Generali keeps the third security key on behalf of the customer, allowing it to be retrieved in case of need.Renna continued.
As published Bitcoin Magazine, Banca Generali will also offer the so-called B2B (bank to bank in reference to peer to peer). The integration of Hype Challenger Bank will allow clients to transfer digital gold to external wallets, such as in exchanges such as Binance, Coinbase or KuCoin, to name just three.
What is not specified in this new information about the Italian institution is whether the transfer will be exclusively with other partner banks or the desired wallet can be avoided. Details will be known over the next few weeks.
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