Banca Generali, an Italian bank owned by the largest insurance company in the country, has announced it had invested in a cryptocurrency custodian called Conio. The bank claims the partnership will have both "a corporate and commercial nature" to support the growth of the company.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
According to an official announcement, Banca Generali acted as main investor in a Conio capital increase operation approved for a total of $14 million.
Banca Generali's CEO, Gian Maria Mossa, says that the investment in the cryptocurrency custodian "is an important industrial partnership both from a technological as well as a management perspective."
"...the agreement with Conio means an expansion of the services offered to our customers and collaborating with an innovation-oriented partner," Mossa added.
Conio was founded back in 2015. According to Crunchbase, Conio raised a total of $3 million in a Series A round on June 21, 2018. Meanwhile, the Italian Banking Association (ABI) announced it is willing to test digital payments in euros.
The ABI also claims its members are already working on the Spunta project, which aims to integrate blockchain tech to speed up interbank payments. The central banks of France and the Netherlands have also said they are willing to test a digital version of the euro.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.