Italian Banca Generali to offer clients bitcoin trading and custody services

Banca Generali, a unit of Italy’s largest insurance company Assicurazioni Generali, will offer clients services for trading and custody of the first cryptocurrency. To this end, the financial institution invested in the Bitcoin wallet developer Conio.

₿ A new strategic and commercial partnership with @conio Inc. is launching today.
👉 Discover more at https://t.co/2K6Q12IItb#Bitcoin #cryptocurrency pic.twitter.com/IfV74PZnB7

— Banca Generali (@BancaGenerali) December 15, 2020

During a Series B round, the startup Conio raised $14 million in funding. The majority of the funds came from Banca Generali.

The bank also signed a commercial agreement with Conio. Under the agreement, starting next year the startup will offer Banca Generali clients the ability to trade and custody cryptocurrencies.

“We know that blockchain technology can, and undoubtedly will, influence and shape the future structure of financial markets. It continues to develop, primarily in cryptocurrencies, but also in many other areas,” said Gian Maria Rossi, head of Banca Generali.

Conio began operations in 2015. Previously, the firm raised $3 million in seed financing and $3.5 million in a Series A round held in mid-2018.

Earlier, the insurance company MassMutual invested $100 million in bitcoin.

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