There has been a significant surge in the number of leading banking institutions who are warming up to the crypto space quite recently. Now a notable Italian private bank, Banca Generali has joined the ranks and it is now moving towards offering crypto custody services. According to a Forbes report, Banca Generali has entered into a partnership with a FinTech firm called Conio, which allows traditional financial institutions to efficiently manage their digital assets. With the help of this partnership, the Italian bank will be able to build their crypto trading and custody services. Regarded as one of the best private banks of Italy, Banca Generali will also be acquiring a stake in Conio worth $14 million, along with the partnership.
As per reports, the bank’s customers include a number of high-net-worth individuals and it is planning to advertise its custody services to them. The crypto service by the Italian bank will be rolled out in the second half of next year. Gian Maria Mossa, the chief executive of the company, stated that there had been an increase in crypto awareness amongst most investors. As Banca Generali wants to maintain its tradition of development and innovation, they are planning to corner this market and wish to establish a presence in the fledgling crypto industry.
The Banca Generali deal also highlights another milestone in a week that has proven to be quite impressive in regard to Bitcoin acceptance. Standard Chartered, the British Bank, had announced last Wednesday that they were also launching a crypto custody service called Zodia for their institutional crypto investors. Zodia would be working under the umbrella of their venture capital arm called SC Ventures. The platform has a launch date of early 2021 and it will provide support for several cryptocurrencies, including Bitcoin, Litecoin, Ether, Bitcoin Cash, and XRP.
A few days later, Singapore’s financial services conglomerate, DBS Bank also made a similar announcement. According to a press release, the bank will introduce a whole division that will be dedicated to providing its services to institutional investors. Referred to as the DBS Digital Exchange, the division will offer support for Bitcoin, Bitcoin Cash, XRP, and Ether. This division will enable institutions to trade and manage digital assets quite easily. Not only is the platform backed by DBS Bank itself, but also has the support of the largest derivatives and asset exchange in Singapore called SGX.
The exchange will also have a 10% stake in the new division of DBS Bank. Other than the trading service, the platform will also be offering support for asset tokenization. The purpose of the platform is to make its way into the Asian financial system, which would allow seamless crypto sales and purchases with the US dollar, Japanese yen, the Singaporean dollar, and the Hong Kong dollar. Suffice it to say, a lot of banks are moving into the crypto space and it is something that they will have to do in order to stay relevant in the long term.