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Open banking has also expanded to the cryptocurrency space. The US mesh network is likely the first such protocol in Europe, providing Conio with access to major global digital asset platforms. The US fintech company, which recently closed a $22 million Series A round and received a $6.5 million strategic investment from PayPal Ventures, has integrated with more than 300 exchanges worldwide.
The protocol will allow Conio’s 430,000 customers to connect directly with ten important platforms – Binance, Bitfinex, Bitsamp, Bybit, Coinbase, Houbi, Kraken, Kucoin, Okx, Robinhood – some of which are already partially available within the application, while others will be activated in the coming weeks. After this initial phase, the service will be extended to other exchanges, will involve new assets, and will add more features for the integrated management of your accounts on various platforms, according to a protocol configured as a true open banking service for Bitcoin and digital assets.
Through this business, the Italian fintech company, owned by Poste Italiane and Banco Generali, offers wallets for custody of Bitcoin and digital assets, aiming to simplify the traditional Bitcoin transfer process and remove friction. This involves removing obstacles and difficulties, such as using QR codes, copying and pasting long and complex addresses, and the need to test transfers, while also reducing the risk of unrecoverable errors in the crypto world.
The protocol also aims to further the adoption of secure custody solutions, such as Conio’s solution, which uses a system of three private keys, where only two are needed to authorize a transaction, allowing assets to be recovered even if one of them becomes unavailable.
According to industry research conducted in Europe by Adan in partnership with Kpmg to assess the adoption of digital assets in Europe, which included a sample of more than 1,000 Italians, 19% of Italians have already purchased cryptocurrencies, and 11% are active or inactive crypto asset holders. Of these, 66% use the most common exchanges to store Bitcoin and their digital assets, rather than personal wallets.
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