Cryptocurrency wallet Conio has announced a partnership with cryptocurrency exchange Coinbase to offer a wide range of digital assets to banks and financial institutions in Italy.
Conio, an Italian cryptocurrency wallet company partially owned by Poste Italiane and Banca Generali, has entered into a partnership with Coinbase to provide digital assets to domestic banks and financial institutions. The cryptocurrency wallet, which has over 400,000 customers, has teamed up with Coinbase Prime to provide liquidity to institutions handling digital assets. We plan to expand wallet support for up to 50 tokens by the end of 2023.
Conio strengthens its position in the Italian digital asset market
In a statement to Finance Magnates, Conio plans to launch a project to expand its custody technology to blockchains such as Polygon, Ethereum and Avalanche, in addition to supporting up to 50 tokens.
Orlando Merone, General Manager at Conio, said:
“Our goal is to be the most trusted partner for banks, financial institutions and enterprises looking to enter the world of digital assets. This new agreement allows Conio to provide a fast and safe ramp.”
In a statement, the company explained that its partnership with Coinbase Prime provides an on-ramp service to meet the growing demand for digital assets in Italy.
Merone added:
“Conio has created Italy’s first multi-signature Bitcoin wallet for smartphones. We are now expanding our custody capabilities as Italian banks are demanding more from their digital assets.”
adding,
“We are adding the EVM Ethereum virtual machine chain and our goal is to have nearly 60% of the digital asset market by next year.”
Institutional adoption of digital assets
In addition to providing digital assets to Italian banks and financial institutions, Conio is exploring tokenization and is participating in the Euro Token project managed by the Fintech Milano Hub, the Bank of Italy’s innovation center.
Conio said the project is “based on an open blockchain system that allows banks and customers to participate by issuing digital euro tokens (stablecoins) that represent the official deposit currency.”
Merone said the Italian bank is working on a number of projects and exploring the digital asset space. He continued, “In terms of the fintech industry, there is a high possibility that electronic money will be completely reworked through tokenization. “It’s great that they are championing the digital asset sector in Italy.”
Christian Miccoli, co-founder and CEO of Conio, commented on the Bank of Italy’s interest in this sector:
“We are delighted to have received recognition from the Bank of Italy. This strengthens Conio’s resolve, together with its banking partners, to develop and deliver dedicated banking applications for digital currency and asset management to the public. These innovative, safe and transparent solutions are fully compliant with the provisions of the European Central Bank and national supervisory systems.”
The Italian Central Bank also supports a project led by Cetif Advisory to develop a security token ecosystem for institutional DeFi. According to the General Manager of Cetif Advisory, these security tokens are a digital representation of ownership of a real-world asset.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.