PayPal-backed fintech startup Mesh teams up with Italy’s crypto wallet Conio

As a seasoned crypto investor with a keen interest in fintech innovation, I’m thrilled to see the strategic partnership between Mesh and Conio. Having closely followed both companies, I believe this collaboration will significantly broaden Mesh’s reach and expand its offerings to a larger customer base.

PayPal-supported fintech bridge Mesh announces a collaboration with Italian crypto wallet Conio.

As a financial analyst, I’m excited to share that American fintech company Mesh has recently formed a strategic partnership with Italian crypto wallet provider Conio. This collaboration is designed to expand Mesh’s influence and enable seamless access for Conio’s 430,000 Italian customers to various prominent crypto trading platforms like Coinbase and Binance. By leveraging this alliance, these customers will be able to trade across multiple exchanges and effortlessly withdraw their funds into their Conio wallets.

According to Conio, which is supported by Poste Italiane, a recent study conducted by Adan and KPMG found that approximately 65% of Italians who buy cryptocurrencies keep their digital assets on the exchanges where they make their purchases, instead of utilizing personal wallets.

Through this collaboration, Conio aspires to enlighten individual investors regarding the opportunity to safeguard their cryptocurrencies outside of trading platforms. Statistics reveal that approximately 63% of French and 69% of British investors keep their digital assets on exchanges, according to Conio’s disclosure.

Founded in 2020, Mesh aims to bring crypto exchanges and wallets together on a single, unified platform. In early 2024, PayPal Ventures, an investment branch of PayPal, made an investment in Mesh. For this investment, they utilized PayPal’s stablecoin, known as “PayPal USD.”

In a press statement, PayPal expressed that the investment in Mesh strengthens the latter’s standing as a key player in embedded finance. This deal signifies PayPal’s dedication to nurturing innovation within the digital payments sector. Although the exact amount of PayPal’s investment wasn’t revealed, reports suggest it could be up to $5 million. In its fundraising round, Mesh secured over $28 million from more than 30 investors based on PitchBook data.

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2024-07-01 17:26