Italian bank Banca Generali leads $14 million Series B for bitcoin wallet provider Conio
December 15, 2020, 5:00AM EST
1 min read
Bitcoin wallet provider Conio has raised $14 million in Series B funding.
The round was led by Italian bank Banca Generali, which invested most of the funds but did not disclose a specific figure. Other smaller investors in the round weren't made public.
As part of the investment, Banca Generali has also signed a commercial agreement with Conio, which will offer its bitcoin trading and custody services to the bank's customers from next year.
"This is an important industrial partnership," said Gian Maria Mossa, CEO and general manager of Banca Generali, a subsidiary of Italy's largest insurer Assicurazioni Generali. "We know that the future structure of financial markets can certainly be influenced and conditioned by blockchain technology, which continues to make headway, above all in cryptocurrencies, but also in many other areas."
Earlier this year, Conio announced a similar partnership with Italian challenger bank HYPE to let its customers buy, sell, and store bitcoin. Challengers Revolut and Ziglu also offer similar crypto services.
Today's Series B brings Conio's total funding to date to $20.5 million since its launch in 2015. The firm has previously raised $3 million and $3.5 million in seed and Series A funding rounds, respectively.