Italian Banks Embrace Crypto: Conio and Coinbase Collaboration

• Coinbase Partners with Conio to Broaden Digital Asset Access in Italy
• Partnership with Coinbase Prime
• Rising Confidence in Crypto in European Banks
• Conio's Efforts in Digital Assets
• The Institutional Uptake of Digital Assets
• Bank of Italy's Interest in Digital Assets

Coinbase Partners with Conio to Broaden Digital Asset Access in Italy

Conio, a major crypto wallet firm partly owned by Poste Italiane and Banca Generali, has joined hands with Coinbase (COIN) to offer an array of digital assets to Italian banking and financial institutions, announced the corporations on Monday.

Partnership with Coinbase Prime

With a client base of over 400,000, Conio is collaborating with Coinbase Prime to supply liquidity for institutions dealing in digital assets. This collaboration will also expand wallet support for around 50 tokens by the closure of 2023.

Rising Confidence in Crypto in European Banks

A surge of trust in cryptocurrencies is sweeping Europe's financial institutions, spurred by the upcoming Markets in Crypto Assets regulation and a general interest in fields such as tokenization.

Conio's Efforts in Digital Assets

Being the creator of the first multisig bitcoin wallet for smartphones in Italy, Conio is expanding its custody capacities in response to the growing demand from Italian banks for more digital assets. Our goal is to incorporate EVM Ethereum$2,315 -2.42% Virtual Machine chains and target to cover nearly 60% of the digital assets market by next year, stated Conio General Manager Orlando Merone.

The Institutional Uptake of Digital Assets

Conio is heavily invested in the institutional uptake of digital assets, particularly the Euro Token project supervised by the Innovation Center of the Bank of Italy.

Bank of Italy's Interest in Digital Assets

The Bank of Italy is closely monitoring the market and engaging with numerous projects, added Merone. In the fintech industry, tokenization will likely lead to a complete overhaul of e-money. It's commendable that they are leading the Italian digital assets space.

Edited by Jonathan Stoker