According to the official press release, the private Italian bank Banca Generali has made a $14 million investment in the crypto wallet provider Conio to acquire a minority stake. Banca Generali aims to expand its services with the recent partnership amid the growing interest of Italian clients in digital currencies. The private outlined the significant growth of cryptocurrencies in recent months and mentioned that Italy’s demand for crypto wallets is increasing.
Banca Generali plans to offer crypto custody services in partnership with Conio.
Italy’s leading private bank plans to offer crypto custody services in partnership with the crypto wallet provider Conio. Commenting on the recent partnership, Gian Maria Mossa, General Manager and CEO of Banca Generali, said that they predict that the future structure of financial markets will be influenced by blockchain technology, which continues to enable innovation in cryptocurrencies and many other areas of the financial ecosystem. The agreement with Conio means expanding the services offered to our customers and collaborating with an innovation-oriented partner, the CEO added.
Private banks embrace cryptocurrencies to increase their business.
As reported earlier, the largest bank in Southeast Asia, DBS Group Holdings, said launching a crypto exchange would increase the scope for tokenization, digital currency custody, and institutional investors’ trading services. The Singapore-based bank said the crypto exchange would allow for secondary trading of crypto assets and support asset tokenization as a method of raising capital. DBS Chief Executive Piyush Gupta said the market was ready for the formal banking sector to move on cryptocurrencies and digital assets. The DBS chief executive believes that the time is right for the digital industry to find partnerships and sponsorship from the formal banking sector.