Mesh and Conio launch Open Banking solution for Bitcoin


Mesh , a fintech company based in the US, and Conio , an Italian fintech, have announced the launch of Europe's first Open Banking solution for Bitcoin

Mesh , a fintech company based in the US, and Conio , an Italian fintech, have announced the launch of Europe’s first Open Banking solution for Bitcoin. This new solution, hosted on Conio’s platform, provides over 430,000 customers in Italy with integrated access to the cryptocurrency ecosystem.

Users can now link their Bitcoin wallets with major digital asset exchange platforms. The collaboration allows Conio's app to directly connect with ten major platforms, including Binance, Coinbase, and Kraken, with additional platforms to be integrated soon. This aims to simplify account management across multiple platforms within the Conio App, establishing a new standard for Open Banking in the Bitcoin and digital assets sector.

The project aims to improve the Bitcoin transfer process by addressing common issues such as QR code usage and complex address handling. It also seeks to reduce risks associated with incorrect transfers and enhance user security through Conio's custody solutions, which use a three-private-keys system. Representatives of Conio highlighted the importance of this collaboration in consolidating an integrated ecosystem that simplifies the use of secure custody solutions, offering users a platform for managing their assets with enhanced security and direct access to leading exchange platforms.

Investing in Mesh PayPal Ventures, the venture capital arm of PayPal, announced in January 2024 its investment in Mesh. The investment was made using PayPal USD (PYUSD), PayPal’s US dollar-denominated stablecoin. Mesh aims to simplify digital asset transfers and account aggregation, and this investment strengthens the company's position in the market.

The announcement also highlights PayPal’s ongoing commitment to enhancing the digital payments landscape. The investment was primarily made in PYUSD, an Ethereum-based stablecoin backed by US dollars and short-term US treasuries. This marks one of the first instances where PYUSD has been used as the funding instrument for a PayPal Ventures investment since its introduction in August 2023.

The funds were transferred on-chain using Mesh’s Application Programming Interfaces (APIs). Conio collaborating with Coinbase At the end of 2023 Conio integrated Coinbase Prime as a liquidity broker, increasing the range of digital assets available on its platform. Conio aims to strengthen its position in the Italian digital asset market by supporting up to 50 tokens on the Conio App by the end of 2023.

Additionally, Conio plans to extend its custody technology, already established for Bitcoin and Algorand, to EVM blockchains such as Ethereum, Polygon, and Avalanche. This integration with Coinbase Prime will provide a more efficient and secure channel for Italian banks and financial institutions to access digital assets using Coinbase’s liquidity. Conio has achieved several milestones recently, including an expanded collaboration with Chainalysis and selection for the Visa Innovation Programme Europe 2023 as the sole crypto fintech representative from Italy.

Additionally, Conio was named for the third time as a Sample Vendor in the Blockchain Wallets category in the 2023 Gartner Hype Cycle for Blockchain and Web3. .


Jul 02, 2024 09:30
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