Italian Bank launches Bitcoin wallet integrated into its services

Italian Bank launches Bitcoin wallet integrated into its services

Sophisticated Italian bank today announced the addition of features that allow customers to buy, sell and store bitcoins. Responsible company Conio claims that Hype Bank was the first to integrate a full-fledged cryptocurrency wallet.

Sophisticated banks are simply online bank accounts that differ from their traditional counterparts with their brilliant apps, cheap cross-border transaction fees, and more recently, their cryptocurrency services.

And the integration of Hype, an Italian bank with a million customers, is the equivalent of integrating the Coinbase app into a bank account.

“Banks feel threatened by cryptocurrencies and, like all large organizations, have a natural tendency to resist change. But this time innovation cannot be stopped: it is like trying to stop the wind with your hands, ”said co-founder Christian Miccoli. Kunio, decipher.

Other sophisticated banks doing the same include Ziglu, an (upcoming) challenger bank created by the former founder of Starling (another UK challenger bank), and Revolut, a challenger bank with a $ 5.5 billion valuation. dollars based in Canary Wharf in London.

Everyone benefits from what is called an e-money license, which gives banks the ability to process cryptocurrencies alongside traditional e-money offerings.

While they all offer cryptocurrencies and look the same (see nearly identical websites below), they are completely different in nature.

Vincenzo Di Nicola, another co-founder of Conio, told Decrypt that while Revolut “can give the impression that it is running bitcoin,” customers “cannot receive bitcoins and cannot transfer them: this is a walled-in approach that actually flies in the face. cryptocurrencies “.

Conio, on the other hand, provides users with their own wallets, including a private key. This gives customers “full access and control over your cryptocurrencies – you can buy/sell and send/receive to other wallets,” Di Nicola said.

Conio software uses three keys for each wallet. One key is stored on the client’s smartphone, the other is stored on Conio’s servers, and the third is stored offline by Hype, shared between different bank employees. Two keys are required to authorize transactions and Conio is not controlled by the bank.

Released under quarantine, Hype may already have its first bitcoin use case. “People are becoming more and more wary of coins and paper money because there are fears that they could spread disease. In this case, digital currency can offer cleaner solutions for the future, ”said Di Nicola.

And for di Nicolas from Milan, today’s launch is “a source of pride.” This shows that, despite the grim circumstances, Milan and Italy are very much alive.

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