Banca Generali acquisition of a stake in Conio Inc., a fintech and cryptocurrency services provider

– A strategic transaction in a transformational  area for the financial sector in the medium term 

– A commercial distribution agreement to start  offering Conio’s services to Banca Generali’s  customers in 2021


 Banca Generali announces today 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. 

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.

Banca Generali Chief Executive Officer and General Manager Gian Maria Mossa stated: “This is an  important industrial partnership both from a technological as well as a management perspective.  We predict that the future structure of financial markets will be influenced by blockchain technology,  which continues to enable innovation in cryptocurrencies and many other areas of the financial  ecosystem. Some central banks have already begun studies and projects to introduce digital  currencies alongside traditional systems; global payment systems players are including this new  world in their business models; and in Switzerland we are seeing the creation of the first banks  based on blockchain systems. In this context, the agreement with Conio means an expansion of the  services offered to our customers and collaborating with an innovation-oriented partner. We can  thus continue to develop our open-banking platform expanding our offering with industry leading  innovative solutions. I would also like to highlight the great attention that Conio pays to security and  regulatory aspects, which have been key to the creation of this partnership.” 

Christian Miccoli, co-CEO of Conio Inc., added: “This agreement with Banca Generali is a significant  step towards a new era for the whole financial system with more traditional financial institutions  opening the way for collaboration between the established and the new players. After ten years of  development and industrial stabilisation, cryptocurrencies are now entering into a tangible new  phase, debuting on the financial institutions’ range of services.  

With this transaction, Banca Generali is positioning Italy as a leading country in Europe in the race  towards the development of these new technologies.” 

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