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

Press releases

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 agreement to start offering Conio’s services to Banca Generali's customers in 2021;

Milan, 15 December 2020 – 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 inclusion 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.

  • 6 Jun 2023 | h: 11:55

    PR: Net Inflows May 2023

    Total net inflows amounted to €742 million in May (€ 2,742 million YTD); Net inflows of managed solutions at €235 million (€ 1,276 million YTD).
  • 11 May 2023 | h: 12:35

    Financial Results 1Q 2023

    The Board of Directors of Banca Generali approved the consolidated results at 31 March 2023.
  • 5 Apr 2023 | h: 16:50

    Net Inflows March 2023

    Total net inflows amounted to €665 million in March (€ 1,524 million YTD); Net inflows of managed solutions at €158 million (€ 333 million YTD).

Le notizie relative a Sostenibilità, Prodotti e Servizi, Innovazione e altro ancora sono presenti nella sezione News del sito.

I nostri comunicati stampa sono di carattere principalmente finanziario e si suddividono in 6 categorie: Finanziari, Risultati della Banca, Operazioni Straordinarie, Governance, Assemblea degli Azionisti, Eventi e Sponsorizzazioni.

Il nostro Press Kit con tutti gli strumenti di informazione dedicati alla stampa.