In a significant development for the digital asset industry, Conio, the Bitcoin wallet backed by Poste Italiane and Banca Generali, has recently unveiled a strategic collaboration with Coinbase, the largest U.S. exchange in terms of trading volume. This partnership aims to advance the adoption of digital assets within the realm of Italian banks and financial institutions.
With a customer base exceeding 400,000, Conio is set to leverage its association with Coinbase Prime, a platform renowned for offering comprehensive trading and custody services. By joining forces, the two intend to furnish liquidity solutions tailored to meet the evolving needs of institutions operating in the dynamic digital asset landscape.
Expanding Adoption of Bitcoin and Digital Assets in Italy
The Bitcoin wallet confirmed that it will be extending support for up to 50 tokens by the end of 2023. This strategic move is a response to increasing demand from Italian banks for enhanced digital asset custody services. Orlando Merone, the General Manager of Conio, highlighted the company’s commitment to innovation, stating:
“This collaboration marks a pivotal step in our journey to facilitate easier access to digital assets for Italian banks and financial institutions, introducing a faster, more secure channel for Italian banks and financial institutions to meet the soaring demand for digital assets.”
Interestingly, this expansion reflects Conio’s proactive approach to meeting the evolving needs of both the Italian financial landscape and the growing digital asset sector.
The Euro Token Project
Conio is aiming to become a solid channel through which Italian banks and financial institutions will be able to satisfy their customers’ demand for digital assets. While talking about the adoption of digital assets in Italy, Merone stated, “The Bank of Italy is in touch with a lot of projects and looking closely at the market,” while noting:
“In terms of the fintech industry, with tokenization, you are going to completely rework e-money, most probably. It’s great that they are championing the Italian digital asset space.”
Conio and the Euro Token Project
Conio is particularly focused on pushing for the adoption of digital assets among institutions and is involved in the Euro Token project. The Euro Token Project has been selected at the Call for Proposals 2022 by Fintech Milano Hub, the innovation center of the Bank of Italy.
The project allows banks and their users to engage with each other by issuing digital Euro Tokens, which are basically stablecoins representing the official deposited currency. As per the Bitcoin wallet, the project will utilize Conio’s “proprietary know-how and technology for the creation, issue, and redemption of Euro Tokens.”
The adoption of digital assets has been on the rise in Europe since the introduction of the Markets in Crypto-Assets (MiCA) framework. As reported earlier by BitcoinNews, industry insiders believe that once clear regulations settle in, the adoption of Bitcoin in Europe will skyrocket with increased adoption by banks.
