One of Italy’s major banks, Banca Generali, announced it is working with the Fintech company Conio to offer crypto wallet services to its customers.
The partnership assists both businesses as Banca Generali invested $14 million into the expansion of Conio’s services and technology. In return, the bank will get full crypto custody services using Conio’s Bitcoin wallet.
As part of the expansion, Conio hopes to add more digital currencies to its secure, multi-sig digital currency custody platform. Conio’s innovation in security is one of the main reasons for the partnership as more banks adopt blockchain technology into their traditional infrastructure.
“This is an important industrial partnership both from a technological as well as a management perspective. We predict that the future structure of financial markets will be influenced by blockchain technology, which continues to enable innovation in cryptocurrencies and many other areas of the financial ecosystem,” explained Banca Generali Chief Executive Officer and General Manager, Gian Maria Mossa.
Other countries and top banks around the world are clearly seeing the future of banking as one that involves if not consumed by cryptocurrency.
Government cryptos or CBDC’s are also on the rise. For instance, Sweden is in the process of discussing an e-Krona to replace paper fiat. Additionally, one of the oldest German banks has launched a stable coin on Stellar called EURB. And a major Japanese bank has even created an entire blockchain network called Global Open Network (GO-NET) for its customers.
These partnerships and shifts in how banking operates are just the beginning of a complete transformation into a decentralized financial industry.