Banca Generali to Launch Crypto Services in 2021
- Banca Generali will distribute Conio’s products within its digital offers.
- The bank’s Chief Executive Officer shared that the company will continue to expand its offers with innovative solutions.
Generali Insurance logo on their main office for Szeged, Hungary on 3 July 2018. Shutterstock
Italian private bank Banca Generali will launch cryptocurrency services in 2021 in partnership with Conio, an Italian company operating in the crypto sector. In an announcement from December 15, the bank shared that it will support the growth of the custody service provider and that the partnership has both a corporate and commercial nature.
Banca Generali is supporting Conio’s growth by becoming the main investor in the company’s capital increase of 14 million USD. The bank will also distribute Conio’s products as part of its portfolio of digital services.
Gian Maria Mossa, Banca Generali Chief Executive Officer, believes that the new partnership is a step forward from both a technological and a management viewpoint, as he expects that the financial markets will continue to be influenced by blockchain as a technology.
He shared that the key in starting this partnership was the attention Conio pays to security and regulatory aspects. The fintech company reduces counterparty risks by using a digital custody system with three security keys.
- NYDFS took possession of Signature in order to protect the economy and strengthen the confidence in the banking system, and assured customers that all deposits will be returned.
- The price of USDC also started to recover after its issuer, Circle, revealed that all stablecoin reserves held at Silicon Valley Bank (SVB) were safe, and that the company had new banking partners.
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- Silvergate noted that a “transformational shift” in the crypto space left it with a $1.05 billion net loss for Q4 2022, and a $4,7 billion reduction in deposits compared to Q3.
- The company is now taking action to prepare for a “sustained period of lower deposits”, such as managing its expense base and evaluating its portfolio.
- Expected to launch in Q1 2023, Abra Bank will allow U.S. citizens to deposit and bank digital assets in a similar way to how traditional banks handle fiat.
- It also plans to launch an international unit with similar services to Abra Bank, and a new staking and yield offering, both scheduled for October this year.