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A strategic transaction in a transformational area for the financial sector in the medium term
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A commercial distribution agreement to start offering Conio’s services to Banca Generali’s customers in 2021
Banca Generali announces the launch of a new corporate and commercial partnership with Conio Inc., a fintech company operating in the cryptocurrency industry. As a wallet provider Conio offers custody, negotiation and reporting services currently focusing on Bitcoin.
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Under this partnership agreement, Banca Generali will acquire a stake in Conio Inc. to support the company’s growth and the distribution of its products as part of the Banca Generali’s range of digital services offered to its customers.
Banca Generali acted as main investor in a Conio Inc. capital increase operation approved for a total of USD 14 million.
The cryptocurrency industry has reached a significant size with continued growth. At the end of November, the overall capitalisation of cryptocurrencies reached USD 580 billion1, with Bitcoin accounting for about two thirds of the total. Daily trades at the global level amounted to USD 280 billion, with approximately 60 million users trading cryptocurrencies using wallets.
Among wallet providers, Conio Inc. stands out with its exclusive technology and patents designed to ensure secure custody and reduce counterparty risk. These include a digital currency custody system with multiple signatures (with three security keys), which may be extended to further digital currencies in the future.
Conio Inc. was founded in 2015 in San Francisco (USA) by Christian Miccoli, formerly of CheBanca!, ING Direct, and McKinsey, and Vincenzo di Nicola who brings experience from Microsoft and Stanford University, and founder of GoPago, technology purchased by Amazon), who act as co- CEOs of the company. Conio Inc. currently serves over 150,000 cryptocurrency portfolios for Italian customers.
