Banca Generali, Italy’s largest insurance group, is to provide bitcoin custody services to its customers beginning next year. This follows a partnership with the Italian Crypto Custody firm Conio. This partnership will allow the bank to acquire a stake of $14 million in the crypto-focused fintech.
Financial Institutions that once criticized cryptocurrency are now embracing the new revolution. Banca Generali’s move to joining the cryptocurrency world should serve as a wakeup call to other banks in the world.
Rather than asking a question such as; ‘will cryptocurrency be widely accepted across the globe?’ we need to ask questions like; ‘what will investments and payments look like in the coming future?’
Banks that will embrace Cryptocurrencies will find prosperity in the coming future while banks that will be unfamiliar in this new age currency will be lost forever. In this article, we will explore some of the different banks in Europe that offer bitcoin and cryptocurrency services to their consumers.
Let’s dive in.
Why Should Banks Adopt to Crypto Custody Solutions?
In the last six months, we have seen significant growth in the number of banks that have launched crypto custody solutions. As we had seen earlier with Banca Generali, different banks are now filing patents to provide bitcoin services in their organizations. In the current age, most products are being developed around Bitcoin, and therefore banks need to provide regulations to help secure the financial aspect of these products.
Crypto Custody solutions act as a vault system where you can store digital assets effectively and safely. In the crypto world, custody services will enable banks to provide a platform to clients in the finance industry that have purchased large amounts of bitcoin.
Using custody services banks can assign large amounts of cryptocurrency without any issues