$ 87 billion Italian bank to add Bitcoin trading

[ad_1]

Banca Generali, an Italian bank with $ 87 billion in assets, is reportedly integrating Bitcoin services into its platform early this year through a partnership with Bitcoin company Conio.

The more than 300,000 clients of Banca Generali will soon be able to create a bitcoin wallet directly in their bank account, a feature made possible by Conio, a fintech founded in San Francisco by two Italians in which Banca Generali is a major investor. The two companies entered into a partnership in December 2020 and will launch the new function soon.

“When completed, the integration of the Conio platform into the Banca Generali Private mobile banking application will give the client direct access to Bitcoin trading using the same environment that is already used for other banking operations”, reported We Wealth. “All with the added benefit of directly debiting or crediting your checking account for buying and selling Bitcoins without having to resort to payment cards or pass data on to third parties.”

Conio’s platform will be integrated with Banca Generali’s banking app and all customers will be able to create a Bitcoin wallet that will allow them to buy and sell bitcoins. The wallet will also take advantage of a 2 of 3 multi-signature arrangement for added security.

“We worked with Conio for an innovative custody solution based on a multi-signature system that ensures the safekeeping of Bitcoins and the possibility of recovering the wallet in certain cases, such as that of an estate”, Riccardo Renna, COO and manager innovation at Banca Generali, We Wealth said. “This is made possible because Banca Generali keeps the third security key on behalf of the customer, which allows it to recover it when needed. “

Conio’s B2B offering was implemented by another financial institution, Hype Challenger Bank, to allow customers to exchange bitcoins. Hype’s integration of Conio’s wallet gives its clients the ability to transfer BTC to external wallets, as well as access data for backup and recovery of private keys in their wallet.

The We Wealth report did not say whether Banca Generali would allow its clients to transfer bitcoin to external wallets or whether they would keep the other two keys in the multisig setup.

[ad_2]