PayPal-backed fintech startup Mesh is collaborating with Italian crypto wallet Conio

Thanks to PayPal’s support, fintech connection platform Mesh has announced a partnership with Italian crypto wallet Conio.

American financial technology the startup Mesh has announced a partnership with Italian cryptocurrency wallet Conio, aiming 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 revealed that nearly two-thirds of Italians who purchase cryptocurrencies store their digital assets on the exchanges where they purchase them, rather than using personal wallets.

With this partnership, Conio aims to raise awareness among retail investors about the possibility of storing their cryptocurrencies off exchanges. Data shows that 63% of investors in France and 69% in the UK hold their cryptocurrencies on exchanges, Conio says.

Mesh, founded in 2020, seeks to integrate crypto exchanges and wallets into a unified platform. In early 2024, Payment via PayPal Ventures, the venture capital arm of PayPal, invested in Mesh, using PayPal’s stablecoin dubbed “PayPal USD” for the transaction.

PayPal said 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.

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