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Banca Generali to activate Bitcoin trading service

written by Bella Palmer
banca-generali

The service should be activated in the first months of 2022 for private customers of the bank, who will simply see the Bitcoin trading service powered by the euros held on their current account

A few days ago Banca Generali announced that it will activate the Bitcoin trading service on the accounts of its customers.

The Italian bank in December 2020 had signed a strategic partnership with the Conio exchange thanks to its entry into the company that manages the exchange. The stated objective from the outset was to support Conio’s growth, but also the distribution of their products within the bank’s digital offer.

In Italy there is already a banking app called Hype that allows the sale of Bitcoin, again thanks to Conio, but does not rely on existing bank accounts, effectively requiring the opening of a new account.

Instead Banca Generali’s initiative is the first in Italy which allows owners of existing bank accounts to be able to buy and sell BTC directly from their account, without having to open another one and therefore without having to follow a new KYC procedure.

The service should be activated in the first months of 2022 for private customers of the bank, who will simply see the Bitcoin trading service powered by the euros held on their current account.

Therefore there will no longer be any need to move fiat money from or to other accounts, because the one deposited on the same current account can be used for trading BTC directly.

All Banca Generali private customers in the coming months will be able to start trading Bitcoin using the same tools they already use now, simply as an additional feature of the platform they already use.

Initially the purchased BTCs on the account of Banca Generali cannot be withdrawn from their own personal wallet, but as happened with PayPal in 2021, it is possible that Bitcoin withdrawals will be added over time.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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