Cryptocurrency wallet Conio announced a partnership with cryptocurrency exchange Coinbase to bring a wide range of digital assets to Italy’s banks and financial institutions.
Italian crypto wallet company Conio, partly owned by Poste Italiane and Banca Generali, entered a partnership with Coinbase to bring digital assets to banks and financial institutions in the country. With over 400,000 customers, the crypto wallet teamed up with Coinbase Prime to provide liquidity to institutions working with digital assets. It will extend its wallet support for up to 50 tokens by the end of 2023.
Conio Boosting its Presence in Italy’s Digital Asset Market
In a statement sent to Finance Magnates, in addition to the support for up to 50 tokens, Conio will launch a project to extend custody technology to blockchains such as Polygon, Ethereum, and Avalanche.
Conio General Manager Orlando Merone said:
“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 can provide them with a fast and secure on-ramp.”
In its statement, the company explained the partnership with Coinbase Prime provides an on-ramp service to meet the escalating demand for digital assets in Italy.
Merone further commented:
“Conio created the first multisig bitcoin wallet for smartphones in Italy, and we are now enlarging the custody capabilities because Italian banks are demanding more in the way of digital assets.”
Adding,
“We are adding EVM Ethereum Virtual Machine chains, and the target is to cover almost 60% of the digital assets market by next year.”
Institutional Adoption of Digital Assets
In addition to bringing digital assets to Italian banks and financial institutions, Conio is exploring tokenization and is involved in the Euro Token project, managed by Fintech Milano Hub, the innovation centre of the Bank of Italy.
Conio says the project is “based on an open blockchain system that allows banks and their customers to participate by issuing digital Euro Tokens (stablecoins) representing the official deposited currency.”
Merone commented the Bank of Italy is involved in numerous projects and is exploring the digital asset space. Adding, “In terms of the fintech industry, with tokenization, you are going to completely rework e-money most probably. It’s great that they are championing the Italian digital assets space.”
Christian Miccoli, co-founder and CEO of Conio, commented on the Italian central bank’s interest in the space:
“We are delighted by the recognition from the Bank of Italy. It strengthens Conio’s determination, along with its banking partners, to develop and offer dedicated banking applications to the public for managing digital currencies and assets. These innovative, secure, transparent solutions fully comply with the provisions of the European Central Bank and national supervisory systems.”
The Italian central bank also supports a project spearheaded by Cetif Advisory to develop a security token ecosystem for institutional DeFi. According to Cetif Advisory’s general manager, these security tokens are digital representations of the ownership of real-world assets.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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