Conio, a prominent cryptocurrency wallet firm with significant backing from Poste Italiane and Banca Generali, has announced a strategic partnership with Coinbase (COIN). This collaboration aims to introduce a diverse array of digital assets to Italian banks and financial institutions. This development resonates strongly with the burgeoning interest in cryptocurrency in the South African financial sector.
Conio, boasting a customer base of over 400,000, is working alongside Coinbase Prime to offer liquidity solutions for institutions involved in digital assets. Additionally, the company plans to expand its wallet support to include up to 50 different tokens by the end of 2023.
This expansion mirrors the growing confidence in cryptocurrency within European banks and institutions, a sentiment that is increasingly echoed in South African financial circles, especially with emerging regulations and growing interest in tokenization.
Orlando Merone, Conio’s general manager, highlighted the company’s pioneering efforts in Italy, having developed the first multisig bitcoin wallet for smartphones. “We are now enhancing our custody capabilities to meet the growing demand from Italian banks for digital assets,” Merone stated in an interview.
Conio’s focus includes adding support for Ethereum Virtual Machine (EVM) chains, aiming to encompass almost 60% of the digital asset market by the next year. This ambitious goal is particularly relevant for South African financial institutions exploring similar expansions in digital asset services.
Beyond customer-focused services, Conio is deeply engaged in the institutional adoption of digital assets. This includes their involvement in the Euro Token project, spearheaded by the innovation center of the Bank of Italy. Merone revealed that the Bank of Italy is actively engaging with various projects and closely monitoring the market, especially in the fintech sector. He emphasized the transformative potential of tokenization in redefining electronic money, lauding the Italian leadership in the digital asset space.
This partnership between Conio and Coinbase, and the ongoing initiatives, offer valuable insights for South African banks and financial institutions considering integrating digital assets into their services.”