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. This collaboration will enable Conio’s 430,000 Italian customers to access 10 crypto exchanges and withdraw funds into their Conio wallets.

Conio, backed by the Italian postal service Poste Italiane, highlighted 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 notes.

“This partnership is designed to provide our users with more flexibility and security in managing their digital assets,” said Conio.

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, PayPal USD (PYUSD), for the transaction. PayPal stated that the deal helps to “reinforce Mesh’s position as a leading player in embedded finance,” adding that the investment underscores 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 up to $5 million in PYUSD into the fintech startup. In total, Mesh has raised over $28 million from more than 30 investors, according to data from PitchBook.

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