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

Backed by PayPal, fintech connection layer Mesh has unveiled a partnership with Italy’s crypto wallet Conio.

American fintech startup Mesh has announced a partnership with Italian crypto wallet Conio, aiming to broaden its reach to multiple crypto trading platforms such as Coinbase and Binance. The collaboration will enable Conio’s 430,000 Italian customers to access 10 crypto exchanges and withdraw funds into their Conio wallets, the report says.

Conio, backed by the Italian postal service Poste Italiane, noted in a commentary to Reuters that a recent study by Adan and KPMG revealed nearly two-thirds of Italians who purchase crypto store 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 option of storing their crypto outside exchanges. Data indicates that 63% of investors in France and 69% in the U.K. hold their crypto on exchanges, Conio says.

Mesh, founded in 2020, seeks to integrate crypto exchanges and wallets into a unified platform. In early 2024, 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 that the deal helps “reinforce Mesh’s position as a leading player in embedded finance” adding that the investment highlights the company’s commitment to “fostering innovation in the digital payments landscape.” While PayPal didn’t disclose its stake, reports indicate the payment giant invested as much as $5 million in PYUSD into the fintech startup. In total, Mesh raised over $28 million from over 30 investors, as per data from PitchBook.