Italian Banca Generali is the latest traditional financial institution to indicate interest in cryptocurrencies, as the bank announced the expansion of its services to include crypto assets.
According to an announcement today, Bank Generali has partnered with Bitcoin wallet provider Conio, a move that saw the Italian banking giant acquire a $14 million stake in the crypto firm.
The latest investment would allow the bank to foster the growth and distribution of Conio’s services, which is in line with its efforts in providing a range of digital services to its customers.
Commenting on the development, Gian Maria Mossa, CEO and General Manager at Banca Generali, said its investment in Conio is imperative because they “predict that the future structure of the financial market will be influenced by the blockchain technology, which continues to drive innovation in cryptocurrencies.”
She added that the partnership would enable the bank to expand its service offerings to its users, as it “continues to expand these offerings with industry-leading innovative solutions.”
Banca Generali’s strategic investment in Conio comes when the value of bitcoin (BTC) is gaining momentum. A few weeks ago, the asset’s price surpassed its all-time high (ATH) of almost $20,000 recorded in 2017.
The recent bull run, championed by institutional investors, has prompted several investors from this class to throw in more funds in order to rake in profits.
Interestingly, mainstream institutions are also venturing into cryptocurrencies’ business to save themselves from the global economic meltdown.
Coinfomania reported that popular Italian bank, Banca Sella, via its Hype platform, introduced a bitcoin trading service for its clients in March as part of its effort to curb the COVID-19 pandemic.
At the time of its beta launch, the service was unveiled to more than one million users, with plans being made to debut the service to all Banca Sella’s clients.
