Banca Generali, one of the largest banks in Italy, has announced that it has invested in the Bitcoin and cryptocurrency wallet service Conio. Its goal is to start offering crypto custody options to its customers.
It was announced that Banca Generali has invested $14 million into Conio to acquire a stake in the fintech firm and have the ability to integrate Conio’s cryptocurrency services.
Banca Generali Boards the Crypto Train
Banca Generali has been voted as one of the best private banks in Italy and is one of the largest global insurers. With over 2,000 private bankers working for the organization, Banca Generali caters to high net worth individuals in need of wealth management and general banking services.
With institutional and individual investments in Bitcoin and cryptocurrencies increasing throughout the year, Banca Generali wants to have the ability to offer cryptocurrency-related financial services with full protection.
Banca Generali plans to introduce its crypto custodial services to clients starting mid-2021.
Increased Institutional and High-Net-Worth Interest
2020 has been a big year for institutional investors in the cryptocurrency space. Especially in the past few months, we’ve seen some of the biggest companies in the world investing in or integrating cryptocurrencies.
There are a variety of examples across the spectrum, such as PayPal’s integration of cryptocurrency trading to its hundreds of millions of users or MicroStrategy’s recent announcement to purchase an additional $650 million worth of Bitcoin by issuing debt.
One of the more recent and impactful developments was Mass Mutual’s announcement of a $100 million Bitcoin purchase. As one of the largest insurers in the world, this purchase shows how Mass Mutual views Bitcoin as a store of value and a potential hedge against inflation.
These continuous announcements are an extremely strong sign for Bitcoin and the entire cryptocurrency ecosystem as a whole. It’s likely that these integrations will help to invoke the mass adoption that the cryptocurrency world (particularly Bitcoiners) have spoken about for years.
As large banks, financial service institutions, insurers, and other large organizations continue to get involved, the more legitimacy Bitcoin as cryptocurrency will receive as an asset class. In the name of staying competitive and being able to offer clients the ability to get involved with cryptocurrencies, more and more companies are starting to adopt crypto in one way or another.