The bank has over $87 billion in assets and is focused on private banking for high-net-worth individuals.
The service, which will allow customers to purchase and hold bitcoin, is made possible by a collaboration with Conio, a robust bitcoin trading platform. Banca Generali also holds a stake in Conio. This partnership will allow customers to add a built-in bitcoin wallet to their bank account which will integrate seamlessly to their current banking services.
By adding it to a familiar environment, Banca Generali believes it will make investments into the digital market a more approachable and friendly experience for beginners and experienced investors alike.
As explained in a We Wealth report, advantages include “directly debiting or crediting your current account for the purchase and sale of Bitcoins without having to rely on payment cards or having to transmit data to third parties.”
In order to ensure the security and safety of each individual’s investments and transactions, the wallet will feature a multi-signature arrangement.
The bank also introduced features that make it possible to transfer the bitcoin wallet to a successor in case of death by offering a recovery option.
Banca Generali isn’t the first bank to partner with Conio.
Hype Challenger Bank collaborated with the fintech company in order to give clients an opportunity to transfer bitcoin to external digital wallets. Whether or not that particular feature will also be offered by Banca Generali is unknown.