Financial services firm Banca Generali led a $14m funding round for US-headquartered cryptocurrency wallet developer Conio yesterday in connection with a strategic partnership agreement.
Conio has created a mobile app-based wallet designed for use with Bitcoin, in addition to supplying crypto asset management tools for financial services providers such as banks and insurers. Despite being based in the United States, it focuses on the Italian market.
Banca Generali will help distribute Conio’s technology to its customers, and Banca Generali CEO Gian Maria Mossa said: “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.”
Postal service Poste Italiane paid roughly $3.3m for a 20% stake in the company in 2016, before investors including financial services firm Banca Sella helped it increase its overall funding to $7m in June 2018, providing the extra cash at a $40m valuation.
