Italy’s fintech company, Conio, has partnered with
Coinbase to boost its presence in the country’s digital asset market, particularly
for banks and financial institutions. Conio, partly owned by Poste Italiane
and Banca Generali, has incorporated Coinbase Prime as its liquidity provider.
According to a statement sent to Finance Magnates,
this agreement includes a plan to support up to 50 tokens on Conio’s app by the
end of the year. Additionally, Conio will launch a project to extend custody
technology to blockchains like Ethereum, Polygon, and Avalanche.
Merone, the General Manager at Conio, mentioned:
“Our goal is to become the most reliable partner for banks, financial
institutions, and companies looking to enter the world of digital assets.
Thanks to this new agreement, Conio can provide them with a fast and secure
on-ramp.”
This move amplifies Conio’s offerings through access
to a broader range of digital assets by institutional investors. The firm has over 400,000 clients,
including private individuals and financial institutions. The latest
integration provides an on-ramp service to meet the escalating demand for
digital assets in Italy, the company explained.
The European Union’s approval of the Markets in Crypto-Assets (MiCA) regulation marked an important moment in Italy’s crypto
landscape. Following the endorsement of the regulation by the European Parliament in April, this
legislation established a unified framework for the fast-growing crypto sector
in Europe.
MiCA aims to protect European consumers while
prioritizing environmental sustainability within the crypto industry. Under its
provisions, digital asset exchanges and crypto wallet providers are mandated to
secure operational licenses in the region.
Italy’s Growing Crypto Market
Moreover, stablecoin issuers are required to
maintain adequate reserves, strengthening the stability of the market.
This new regulation has contributed to an increase in the number of crypto firms setting up operations in Italy. Last
year, the crypto exchange Zonda received the approval to offer a diverse range
of digital assets in the country following similar authorization in Canada and Estonia.
Zonda’s entry into Italy occurred at a time when
Binance, another prominent player in the crypto space, received approval from
Italy’s regulatory body. Besides that, BitMEX recently attained regulatory approval and registration as a virtual currency and digital wallet services
provider in Italy through the…
