Italian fintech company Conio closes a $14 mln round lead by Banca Generali
Conio, an Italian fintech company active in the cryptocurrency sector, has cashed in a $14 million round. The round was led by Banca Generali (Generali Group), which will distribute Conio’s products to its customers. Among wallet providers, Conio Inc. boasts exclusive technology and patents aimed at ensuring safe custody and reducing counterparty risk.
Conio offers financial institutions, banks and insurance companies integrated solutions for managing digital assets, from wallets for managing cryptocurrencies to integrating blockchain protocols within cards and payment services on smartphones.
The company was founded in San Francisco in 2015 by Christian Miccoli (former CEO of CheBanca! of Mediobanca Group and former creator of Ing Direct’s Conto Arancio), today ceo and head of business at Conio, and Vincenzo Di Nicola (with a master’s degree in computer science from Stanford, creator of the Gopago technology sold to Amazon), currently CEO and head of technology at Conio.
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Conio Inc. boasts exclusive technology and patents aimed at ensuring safe custody and reducing counterparty risk
In addition to the two co-founders and Banca Generali, Conio’s shareholders today include Poste Italiane (which entered the capital with a 20% stake in 2016, investing €3 million), Banca Finint, Fabrick, Boost Heroes, business angels from Italian Angels for Growth, David Capital (the investment finance company founded by Andrea de Vido and a large group of professional investors) and other investors. In June 2018, Conio cashed in a new $3 million investment round, based on a front end of an overall valuation of the company in excess of $40 million, raised in a capital raise by a group of qualified investors, coordinated by the strategic advisor Innova et Bella.
Among wallet providers, Conio Inc. boasts exclusive technology and patents aimed at ensuring safe custody and reducing counterparty risk. These include a multi-signature digital currency custody system (on 3 security keys), which may be extended to any digital currency in the future. To date, the Italian fintech company serves over 150 thousand cryptocurrency wallets for Italian customers. In March 2020, Italian challenger bank Hype created Hype Bitcoin, in collaboration with the fintech company Conio.
Banca Generali CEO and General Manager Gian Maria Mossa said, “This is an important industrial partnership, for the value of the technology available and the quality of the managers. We know that the future structure of the financial markets can certainly be influenced by the blockchain technology that continues to make its way, first and foremost among cryptocurrencies, as well as in many other areas. Some central banks have already started studies and projects for the introduction of digital currencies to be placed side by side to traditional systems, global players in payment systems are including this new world in their business models and in Switzerland we are witnessing the birth of the first banks on their own blockchain systems. It is in this context that the agreement with Conio is framed: an enrichment of the services offered to customers, but also and above all a partner attentive to innovation. In this way we can continue to develop our open platform taking advantage of the best innovations coming from international best practices. Finally, I would like to underline the great attention paid to the security and regulatory aspects of Conio, key elements on which we have built our partnership.”
Christian Miccoli, co-CEO of Conio, added: “The agreement signed with Banca Generali represents an important step towards a new era for the entire financial system. After the development and industrial settling phase of the last 10 years, cryptocurrencies are kicking off a tangible new phase, making their entry into the offerings of financial institutions. With this transaction Banca Generali places Italy in a leading position in Europe in the race to develop these new technologies.”
(Featured image by fototommy via Pixabay)
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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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