Italian bank Banca Generali leads $14 million Series B for bitcoin wallet provider Conio

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.

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"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.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.