One of the largest private banks in Italy, General Bank will allow its customers to buy and sell in 2022 Bitcoins in a multiple signature custody system in which one of the keys will be the financial entity.
As reported by the Italian portal We Wealth, the customer will be able to buy Bitcoin in the same app which you already use to carry out normal banking transactions and purchase and sale operations will be direct to your current account.
This is the conclusion of a partnership that the Italian institution entered into at the end of 2020 with fintech Conio, which developed a wallet for cryptocurrencies. Banca Generali paid US$14 million to be the company's majority shareholder.
“We worked with Conio to develop an innovative custody solution based on a multi-signature system that ensures the custody of Bitcoin and the recovery of a wallet in the case of an inheritance, for example”, explained Riccardo Renno, director of operations at the bank.
Banca Generali is not the first Italian bank to announce plans linked to the cryptoactive market in 2020. In the first half of the year, Banco Sella launched its own bitcoin trading service, allowing its customers to buy, sell and store the asset on its Hype platform.
Banca Generali is a subsidiary of Generali Group, Italy's largest insurance company and one of the largest in Italy. The company controls around 625 billion dollars (more than 3,1 trillion reais) in assets.
