1 Million Customers Can Now Buy Bitcoin as Major Italian Challenger Bank Partners With Conio
1 million Italian citizens will be able to buy, sell, and store bitcoin following a landmark deal with Hype, a Challenger Bank with more than 1 million Italian customers, that has partnered with fintech company Conio to launch a first-of-its-kind bitcoin service. The deal will enable Hype customers to buy, sell, and securely store bitcoin (BTC), giving them exposure to the cryptocurrency market.
Hype’s new bitcoin service enables users to directly buy bitcoin in-app, with zero additional verification requirements and instant delivery. Conio’s patented custody system, comprising a multi-key solution, will provide secure storage of customers’ BTC. Three keys are utilized for each wallet, two of which are required to authorize transactions. One key is retained on the customer’s smartphone, one on Conio’s servers, and the third is kept by Hype offline, divided among different bank operators. This way, customers can maintain custody of their funds, while having recourse in the event of losing their phone and wallet recovery code.
Antonio Valitutti, Hype CEO: “Over 13% of our customers demanded Bitcoin. We heard them, and we did our best to bring forth the best solution for them: that’s why we chose Conio. We are very happy with our partnership, which also demonstrates the pioneering spirit of Hype”.
Furthermore, in the event of the customer losing their smartphone, Conio will block any subsequent transactions, to prevent loss of funds. The wallet can be restored in emergencies by recovering the third key from the challenger bank.
Christian Miccoli, Conio co-founder and co-CEO: “We are thrilled by this result. It shows that banks must not be afraid of cryptocurrencies, but can instead embrace them and make this sector grow in the future”.
Vincenzo Di Nicola, Conio co-founder and co-CEO: “This shows once again the importance of strategic synergies for modern banks. Leveraging the cutting-edge technology of startups like Conio, to provide reliable solutions to the customers’ needs: these are the smart choices that transform a financial institution into a leader of the future, and pave the road to the mass adoption of cryptocurrencies”.
Conio was selected by Hype on account of Conio’s secure custodial solution and its ability to deal with legal and compliance requirements. Conio gives banks and financial institutions exposure to the bitcoin market without introducing risk.
About Hype: Hype is the italian most popular challenger bank among millennials and is growing rapidly. Having surpassed 1 million customer accounts, Hype is continuing to add new accounts at a rate of 60,000 per month. Designed for the mobile generation, Hype’s banking app enables customers to manage their finances, pay bills, and now buy and sell bitcoin.
About Conio: Conio is a fintech startup that develops consumer and enterprise solutions. Its bitcoin wallet app enables BTC to be bought with credit card and securely stored. The Italian-American startup was founded in 2015 by Vincenzo Di Nicola and Christian Miccoli. It provides enterprise solutions for banks, allowing them to manage cryptocurrencies and providing safe custody of blockchain digital assets.