Cryptocurrency wallet provider Conio has partnered with leading U.S. exchange Coinbase in an effort to expand digital asset offerings for Italian banks and financial institutions.
Announcing the collaboration on Monday, Conio said it will leverage Coinbase Prime to secure liquidity and trading capabilities covering a broad spectrum of cryptocurrencies.
By the end of 2023, the fintech firm aims to extend custodial wallet support to nearly 50 different tokens through its integration.
MiCA rules boost crypto growth in the European region
The move comes as confidence in cryptocurrency adoption continues to gain momentum across European finance. Regulatory clarity offered by impending crypto frameworks such as Markets in Crypto Assets (MiCA), along with growing interest in asset tokenization, has accelerated institutional openness to engaging digital currencies.
“Conio created the first multisignature bitcoin wallet for smartphones in Italy, and we are now enlarging custody capabilities because Italian banks are demanding more in terms of digital assets,” said Conio General Manager Orlando Merone.
Merone also mentioned in the interview that they are adding EVM Ethereum Virtual Machine chains and targets to expand 60% of the cryptocurrency markets.
With over 400,000 existing customers, Conio brings an established user base to the table. The company is also partly owned by legacy Italian institutions in Poste Italiane and Banca Generali, granting it strong access to domestic incumbents.
The firm’s embrace extends beyond private sector banks looking to capitalize on digital currency demand. Conio is also playing a pivotal role in the Euro Token project spearheaded by Italy’s central bank, which examines uses for a centrally issued digital euro.