Major Italian Bank Banca Generali to Launch Bitcoin Custody Service
There has been a considerable rise in the number of top banking institutions to warm up to the crypto space in the past week. Joining the ranks is Banca Generali, a prominent Italian private bank, which is now set to go into crypto custody.
Partnering to Move Forward
A Forbes report from earlier today confirmed that Banca Generali has partnered with Conio, a FinTech firm that allows traditional financial institutions to manage digital assets efficiently. The partnership will see Conio help build Banca Generali’s crypto custody and trading services.
Known as one of Italy’s best private banks, Banca Generali will acquire a $14 million stake in Conio in addition to their partnership. The bank reportedly has a substantial amount of high-net-worth individuals, and it will be looking to target them with its custody services.
Banca Generali’s crypto service will roll out in the second half of 2021. Company chief executive Gian Maria Mossa explained that there had been an uptick in crypto awareness from most investors. Keeping with the tradition of innovation and development, Banca Generali hopes to corner this market and establish a foothold in the fledgling crypto industry.
Big Corps Suddenly Love Crypto
The Banca Generali deal also underscores what has been a big week for Bitcoin acceptance from big institutions. Last Wednesday, British bank Standard Chartered announced the launch of Zodia, a custody service for institutional crypto investors.
Zodia would work under the umbrella of SC Ventures, its venture capital arm. The platform is set to launch in early 2021, providing support for Bitcoin, Ether, XRP, Litecoin, and Bitcoin Cash.
Days later, DBS Bank, a financial services conglomerate from Singapore, made a similar announcement. Per a press release, the bank is set to launch an entire division to serve institutional investors. The division, known as DBS Digital Exchange, will support Bitcoin, Ether, XRP, and Bitcoin Cash.
DBS Digital Exchange will allow institutions to trade and keep their digital assets easily. Along with DBS Bank, the platform also has backing from SGX, Singapore’s largest derivatives and asset exchange, which will own a 10 percent stake in it.
Besides the trading service, the platform will also provide support for asset tokenization. It aims to integrate itself into the Asian financial system, allowing seamless crypto purchases and sales with the dollar, Singaporean dollar, Japanese yen, and the Hong Kong dollar.