Banca Generali bets on bitcoin

Banca Generali bets on bitcoin

The credit institution has invested in a capital increase of the startup Conio and aims to add services for those who buy cryptocurrencies

Photo: Pixabay The cryptocurrency market is also increasingly attracting banks and with a view to integrating its services with those of the fintech world, Banca Generali has decided to enter the capital of Conio, the startup founded in 2015 that allows you to manage and exchange virtual currencies, in particular bitcoin. The operation sees the bank of the Trieste group as the main investor in the context of a capital increase of 14 million dollars in the fintech company, with the entry of other shareholders.

With this partnership, Banca Generali thus enters the capital of the main Italian digital wallet for the purchase and management of bitcoins, with over 150,000 managed wallets. In addition, based on the commercial agreements between the two partners, Banca Generali will also be able to distribute Conio's other products in its digital offer to its customers, including its cryptocurrency custody technology designed specifically for banks.

On this front, the collaboration represents "an enrichment of the services offered to customers", commented the chief executive officer and general manager of Banca Generali, Gian Maria Mossa, who also underlines the "attention to the issue of safety and regulatory aspects of Conio, key elements on which we have built our partnership ".

For his part, the co-founder and co-CEO of Conio, Christian Miccoli, points out that "with this operation, Banca Generali places Italy in a leadership position in Europe in the race for the development of these new technologies ". After all, the Italian-American company already has strategic collaborations with the fintech Hype and with the ecosystem of open banking services offered by the financial giant Nexi.

Furthermore, this operation is also aimed at extending the traditional financial services of banks to the cryptocurrency sector, a market which, as Banca Generali again reports, reached a total capitalization of over 580 billion dollars in November, considering all the digital currencies traded. And two thirds of that value is represented by the exchanges and circulation of bitcoin itself, which is worth over $ 19,700.

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