Italy’s Banca Generali has announced the launch of a new corporate and commercial partnership with Conio, a company that offers fintech services for Bitcoin, acquiring a $14 million minority stake in the California business. The bank will start offering Conio’s services to its customers in 2021.
In fact, Conio already serves over 150,000 cryptocurrency portfolios for Italian customers. The company, which also has an office in Milan, was founded in 2015 by co-CEOs Christian Miccoli and Vincenzo di Nicola (founder of GoPago, a payment platform purchased by Amazon). According to LinkedIn, the latter is a “blockchain strategy advisor” to the Italian government, sitting on the Ministry for Economic Development’s blockchain experts committee.
In addition to a Bitcoin wallet and related offerings, the company holds patents for blockchain technologies that ensures secure custody and reduces counterparty risk. These include a digital currency custody system with multiple signatures (with three security keys), which Conio says could be extended to any digital currency in the future.
“With this transaction, Banca Generali is positioning Italy as a leading country in Europe in the race towards the development of these new technologies,” says Miccoli.