Italy’s digital asset ecosystem gets another liquidity boost: Conio partners with Coinbase

Rick Steves

“We are pleased to announce our collaboration with Conio to increase liquidity available to support Italian banks and financial institutions operating in the digital asset sector.”

Conio, a fintech company partly owned by Poste Italiane and Banca Generali, has recently announced a significant collaboration with Coinbase Prime, enhancing its digital asset offerings. Based in Milan, Conio is making strides in the fintech sector, especially in the realm of digital assets.

This collaboration integrates Coinbase Prime, a branch of the American publicly-traded company Coinbase (NASDAQ:COIN), as a liquidity provider for Conio.

Coinbase is recognized globally as a leader in the digital asset industry. The inclusion of Coinbase Prime is set to expand the range of digital assets available through Conio, which has already established itself as a trusted entity among over 400,000 private clients and various banks and financial institutions.

Conio plans to support up to 50 tokens by end of 2023

A key focus of Conio is to strengthen its position in the Italian digital asset market. Plans include supporting up to 50 tokens on the Conio App by the end of 2023. Additionally, Conio aims to extend its custody technology, which is currently established for Bitcoin and Algorand, to EVM blockchains such as Ethereum, Polygon, and Avalanche.

The agreement with Coinbase is expected to provide a more efficient and secure channel for Italian banks and financial institutions. It addresses the increasing demand for digital assets by leveraging Coinbase’s liquidity. This collaboration is timely, given the surge in interest and investment in digital assets.

Conio’s achievements in the second half of the year have been noteworthy. The company expanded its collaboration with Chainalysis and was selected for the Visa Innovation Program Europe 2023 as the only crypto fintech representative from Italy.

Orlando Merone, General Manager of Conio, highlighted Conio’s goal to be a reliable partner for entities venturing into digital assets. “We are truly proud to announce the start of a collaboration between Conio and Coinbase. 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.”

Daniel Seifert, Vice President and Regional Managing Director, EMEA, Coinbase, also commented on the collaboration, noting the potential benefits this partnership will bring to the industry, especially in supporting Italian banks and financial institutions in the digital asset sector. “We are pleased to announce our collaboration with Conio to increase 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.”

Conio partnered with Chainalysis

To gain the trust of retail customers as well as banks and financial institutions, Conio tapped Chainalysis, the renowned US-based firm specialized in investigating digital asset transactions on the blockchain for regulatory authorities and the most important companies in the sector.

By integrating Chainalysis’ transaction monitoring and investigative solutions into Conio’s platform, the company will monitor transactions in real-time, reduce potential exposure to illicit activity including money laundering, and run a comprehensive risk and compliance program without impacting user experience.

Chainalysis is leveraged by government agencies, cryptocurrency businesses, and financial institutions in over 70 countries. Chainalysis’ data power investigative, compliance, and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases and grow consumer access to cryptocurrency safely.

Conio added EVM-based blockchains for diverse custody solutions

Conio, which was a pioneer in launching the first Bitcoin wallet for smartphones in Italy in 2015, has added a dozen new cryptocurrencies to its wallet in recent months.

The list includes high-profile additions like Ripple, Solana, Polygon, Polkadot, and Chainlink, joining the existing roster that features Ethereum, Cardano, Dogecoin, Litecoin, Avalanche, Algorand, and the stablecoin USDC. Bitcoin remains at the core of Conio’s offerings.

The fintech firm is also enhancing user experience with a new “Convert” feature in its app. This feature enables users to seamlessly convert one digital asset into another within the platform, circumventing the need for bank transactions and thereby saving both time and transaction costs.

But Conio’s development pipeline is brimming with more. It is working on expanding its custody technology to include EVM-based blockchains. This move aligns with the growing institutional interest in secure and diverse custody solutions, given the rapid development in the tokenization of assets.

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