crypto-news-flash.com
- Conio, a crypto wallet partly owned by Italy’s postal service, has teamed up with Coinbase to bring a wide range of crypto services to the Italian banking space.
- With 400,000 customers, Conio will partner with Coinbase Prime to offer liquidity to the institutional players who trade billions of dollars and will support over 50 tokens.
A digital asset wallet owned by one of Italy’s largest private banks and the country’s postal service has teamed up with Coinbase to introduce digital assets to the Italian banking space.
Conio is partnering with Coinbase Prime, an integrated platform that the American exchange uses to offer trading and custody, to provide liquidity to the wallet’s 400,000 customers.
Big news in the world of crypto! #Conio, backed by Poste Italiane and Banca Generali, joins forces with #Coinbase (#COIN) to deliver a diverse array of digital assets to Italian banks and financial institutions.
With over 400,000 customers, Conio's partnership with… pic.twitter.com/qfrYTQuXKf
— Collin Brown (@CollinBrownXRP) December 11, 2023
Conio is a crypto wallet partly owned by Poste Italiane, the country’s postal services provider and Banca Generali S.p.A, an Italian bank that focuses on wealth management and private banking for high-net-worth individuals. It boasts of having over 400,000 clients including banks and other financial institutions. Its biggest selling point is its state-of-the-art security standards and its custody solutions.
Through the partnership, Conio will now offer support for up to 50 cryptocurrencies by the end of the year. The two will also launch a project this year to extend the platform’s custody solutions which already support Bitcoin and Algorand. Some of the tokens that will be first to be integrated into the new solution are Ethereum, Polygon and Avalanche.
The partnership will enable Italian banks to easily offer crypto solutions with the assurance of world-leading liquidity from Coinbase, one of the world’s largest exchanges by trading volume. In the past day, it processed $2.2 billion and is ranked only below Binance on all combined metrics by CoinMarketCap.
Coinbase and Conio Take Crypto Mainstream
Commenting on the partnership, Conio General Manager Orlando Merone expressed the company’s excitement at the partnership. He added:
Our goal is to become the most reliable partner for banks, financial institutions, and companies looking to enter the world of digital assets. Thanks to this new agreement, Conio will be able to provide them with a fast and secure on-ramp.
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While crypto adoption has shot up across the world, the legacy financial sector has largely refrained from the industry. Being some of the most stringently regulated institutions in the world, banks will only get into crypto when dealing with partners that are just as regulated. With Conio, Italian banks will have an ideal partner.
The wallet extended its partnership with Chainalysis this year, giving it access to the global leader in blockchain analytics. It was then honoured with a selection on the Visa Innovation Program Europe 2023 as Italy’s only fintech representative. Gartner also recognized it for the third year in a row as the best blockchain wallet.
Coinbase is just as excited to partner with Conio, says Daniel Seifert, VP for EMEA at the American exchange. He added:
We are pleased to announce our collaboration with Conio to increase the liquidity available to support Italian banks and financial institutions operating in the digital asset sector. This collaboration between two companies that share fundamental values of trust, transparency, and security will bring benefits to the entire industry.