An Italian Bank – Banca Generali in collaboration with Conio, a bitcoin company, is set to offer BTC services. The bank’s customers will be able to create a bitcoin wallet directly in their bank account.
This will give Banca Generali’s over 300,000 customers direct access to bitcoin trading. They will be able to use the same features which are being used in relation to other banking operations. The mash-up gives customers the extra advantage of directly debiting or crediting their current account for the purchase and sale of bitcoins. And they don’t have to rely on payment cards or third parties.
Riccardo Renna, the COO and head of innovation at Banca Generali, said their partnership with Conio is to create an innovative custody solution. It’s based on a multi-signature system that safeguards the custody of bitcoins. It also includes the possibility of recovering the wallet. Renna explained that this is possible as the bank keeps the third security key on behalf of the customer. As such, the customer is able to retrieve it when he or she needs it.
With the integration of Conio’s platform in Banca Generali’s bank app, customers will be able to create their bitcoin wallets. The wallet will be made of two of three multi-signature configurations for heightened security purposes. Renna says the bank has always endorsed a third security key on behalf of the customer.
Banca Generali is the latest bank in the European region to embrace bitcoin trading for its customers. The German Savings Bank Association, Commerzbank, and Volks-und Raiffeisenbak had adopted the same in late 2021. There is no doubt that Europe is the emerging hotspot for innovation and investment in the cryptocurrency industry.
The UK, in 2021 as per a report by Chain analysis, led Europe for crypto transactions – $170 billion worth of deals. Central, northern, and western Europe received over $1 trillion worth of digital assets over the past year.