US-based fintech Conio has partnered with US-based blockchain analysis firm Chainalysis to improve the former’s fraud prevention capabilities. Conio was founded in the US in 2015 but has Italian roots, as it launched the first Bitcoin Wallet for smartphones in Italy to bring crypto and digital assets within everyone’s reach.

Now, the Italian scale-up owned by Poste Italiane and Banca Generali is working with blockchain data platform, Chainalysis. Through this partnership, Conio will integrate Chainalysis’ transaction monitoring and investigative solutions. This way, the company will gain the ability to monitor transactions in real-time while minimising potential exposure to illicit activity including money laundering, and running a comprehensive risk and compliance program without impacting user experience.

According to the company press release, the capabilities of Chainalysis are recognised internationally by government agencies, cryptocurrency businesses, and financial institutions in more than 70 countries. The partnership will further benefit Conio by boosting its reputation as a safe and trusted institution within the market. Chainalysis solutions are used at the institutional level in Italy to verify digital asset transactions and to prevent fraud and illicit activities that have the potential to cause harm to customers.

Conio is now able to keep up with current international regulations on crypto activity, which were designed to protect both consumers and investors. In the company press release, Conio officials talked about this new partnership with Chainalysis and highlighted the company’s commitment to provide security-focused, adequate control of all transactions for its private and institutional clients. What else has Conio been up to? In June 2023, Conio expanded its offering of digital assets to include five new cryptocurrencies, namely Avalanche, Cardano, Ethereum, Litecoin, and Algorand.

According to the official press release, the company spent more than a year completing its research and study projects which led to the introduction of these five new digital assets. Following this product upgrade, Conio users gained the ability to purchase these cryptocurrencies directly from the Conio app. Conio representatives talked about recent events in the digital asset sector and how they opened a period of consolidation that favours operators who focus on custody and security.

They also mentioned the growing interest in new blockchains from private investors, institutional investors, and central banks, which contributed to their decision to expand their offering of in-app currencies. .