Fintech
PayPal-backed fintech startup Mesh partners with Italian crypto wallet Conio
With the support of PayPal, fintech connectivity platform Mesh has announced a partnership with Italian crypto wallet Conio.
American financial technology Startup Mesh has announced a partnership with Italian cryptocurrency wallet Conio, which aims to expand its reach to more cryptocurrency trading platforms such as Coinbase and Binance. The partnership will allow Conio’s 430,000 Italian customers to access 10 cryptocurrency exchanges and withdraw funds to their Conio wallets, the report said.
Conio, backed by Poste Italiane, noted in a comment to Reuters that a recent study by Adan and KPMG found that nearly two-thirds of Italians who buy cryptocurrencies store the digital assets on the exchanges where they buy them, rather than using personal wallets.
With this partnership, Conio aims to raise awareness among retail investors about the possibility of storing their cryptocurrencies outside of exchanges. Data shows that 63% of investors in France and 69% in the United Kingdom hold their cryptocurrencies on exchanges, Conio says.
Mesh, founded in 2020, aims to integrate cryptocurrency exchanges and wallets into a unified platform. In early 2024, Payment via PayPal Ventures, PayPal’s venture capital arm, invested in Mesh, using PayPal’s stablecoin called “PayPal USD” for the transaction.
PayPal stated in a Press release at the time the deal helps “strengthen Mesh’s position as a leading player in embedded finance,” adding that the investment highlights the company’s commitment to “driving innovation in the digital payments landscape.” While PayPal has not disclosed its stake, reports indicate that the payments giant has invested up to $5 million in PYUSD in the fintech startup. In total, Mesh has raised over $28 million from over 30 investors, according to PitchBook data.